Site icon China Economic Review

Signs of recovery for car sales

Car sales showed signs of recovery in September after months of sluggish growth on the back of credit tightening measures. Sales rose by 13.94% in September from August to 194,100 units, the China Daily said citing official data. In August sales grew by just 0.2% as a result of controls imposed on car loans and other lending designed to cool the economy. Output of cars in September also grew, up 6.32% in September � a slower growth than sales because of the high inventories held by manufacturers and dealers. Year-on-year growth figures were not given in the report. Industry analysts have said they expect car sales to grow by 10-20% in 2004 as a whole, a marked downturn on 2003 when sales almost doubled to more than 2 million units. Release of the September figures coincided with news that BMW had passed the 10,000 sales mark of its China-made cars, a year after beginning production. The company has a joint venture production plant with Brilliance China Automotive Holdings in Shenyang producing 3 and 5 series BMWs.

Exit mobile version