China auto sales growth slows down

PUBLISHED : Wednesday, 10 December, 2014, 3:40pm
UPDATED : Wednesday, 10 December, 2014, 3:44pm

Economic weakness continues to weigh on China auto sales growth, which slowed to 2.3 per cent last month.

Vehicles sales last month totalled 2.1 million units, with the year-on-year growth rate slowing from October’s 2.8 per cent, the state-backed China Association of Automobile Manufacturers (CAAM) said on Wednesday.

November’s growth rate was 7.4 percentage points lower than that of the same period of last year, it said.

Sales in the first 11 months of this year rose 6.1 per cent year on year to 21.1 million units, the association said.

Passenger car sales amounted to 1.77 million vehicles last month, an increase of 4.7 per cent from a year ago. Sales in the first 11 months reached 17.64 million units, 9.2 per cent higher than the same period last year.

CAAM said it saw a clear trend of slowdown in auto sales growth since September. The association lowered its forecast for full-year growth to 8 per cent in July, from the 10 per cent projection it made in January.

Total sales grew by 13.9 per cent last year to nearly 22 million units.