Car sales growth almost zero

In August growth in car sales went almost completely flat, with volume rising just 0.1% year on year, piling manufacturers' rising inventories even higher. August marked the sixth straight month of declining growth in the sector. The National Passenger Car Association said 163,263 cars were sold in August, only 11 more than in July. In a report, Deutsche Bank said it did not expect a recovery in industry fundamentals until next year. Geely Automobile Holdings, which has enjoyed 46% sales growth overall in the first eight months of 2004, said its sales in August fell 32% year on year and were 39% below July's.