Chinese car sales slow

on October 15 2014 | in Daily Headlines | by | with No Comments

Growth in China’s car sales slowed again in September while the country’s own auto brands increased their market share slightly.

An industry group said Monday that sales of passenger vehicles in the world’s biggest auto market rose 6.4% in September from a year earlier, slowing from 8% growth in August.

Global automakers are looking to China to drive global sales but growth has slowed steadily from May’s rate of 13.9% as the world’s second largest economy cools.

The China Association of Automobile Manufacturers said total sales, including trucks and buses, rose 2.5% over September 2013 to 1.98 million vehicles. Passenger car sales totaled 1.69 million vehicles in September, up from 1.5 million in August.

Sales growth for foreign brands has largely outstripped that of their Chinese counterparts, but local models sold at a faster rate in September, allowing a small increase in market share.

The market share of Chinese brands rose to 38.5% in September from 37.1% in August and was up 0.2% from a year earlier.

German brands held a 19.8% share of the market in September, Japanese brands held 14.9%, American brands 13.6%, Korean brands 9% and French brands 3.9%.

In comparison, General Motors Co. said sales of GM brand vehicles by the company and its local partners rose 15.2% to 319,936 vehicles. The company said that was a record for September and the second-best month for sales this year.

That brought its sales for the year to almost 2.6 million vehicles, an increase of 11.6% over the same period last year. Also in September, GM and its joint venture partners surpassed 20 million in all-time sales in China, the company said.



Read more at USA Today.

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