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Car Sales In China Shows No Signs Of Slowing Down

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On: Wed, May 5, 2010 at 11:18AM | By: Sherry Christiansen

Car Sales In China Shows No Signs Of Slowing Down

The Chinese auto market is currently up by an estimated 40% according to a recent Car News online report. The China Automotive Technology and Research Center (CATRC) shows that sales of domestically made vehicles are at 1.39 million for April 2010, that is up over 9% from March reports and 40% more than the same time last year. 

China’s rapidly growing auto industry is projected to continue its fast growth well into 2010 due to an improvement in the economy, increase in growth of financial investment in fixed assets, as well as many government car buying incentives and tax cuts designed to boost sales of new 2010 vehicles. It seems that China’s appetite for new cars shows no sign of slowing down in the near future, and the majority of those sales were NOT hybrids, but rather SUVs which, according to Honda and Toyota dealers in Beijing, are unable to keep up with the Chinese car buyer demand. Hybrids, on the other hand, are described as being unable to be moved off the lots.

The Chinese Association of Auto Manufacturers (CAAM), which has historically been a reliable source (vs. the relatively unknown CATRC agency) of information. states that “thanks in part to strong performance of independent brands and continued government incentives, still grew 46.25 percent year-on-year to more than 1.21 million units, according to data released by the China Association of Automobile Manufacturers (CAAM) on March 9.”

The CAAM also concurs with the statistics reported by CATRC for January 2010 sales stating that "China's automobile market kept on rolling last month, as sales hit an all time record of 1.66 million units, up 124 percent from the same month a year ago, according to the latest data released by the China Association of Automobile Manufacturers (CAAM). Production jumped 143 percent to 1.61 million units. The numbers excludes imported and exported new cars."

GM China reports April sales this year have climbed 50% above 2009’s numbers. According to Zhao Hang, the CATRC director, "We expect auto sales to be good in May, driven by consumers' increased enthusiasm for car-buying, auto makers' promotional offers, and the debut of dozens of new models at the Beijing Auto Show." Experts predict that the growth of the Chinese automobile industry will level off at about 15-25% higher than last years’ sales volume, as we approach the end of 2010.


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