Motor Vehicles and Parts News
- Passenger car sales rise in August
Date: 11-Sep-2007 Sources: (Shenzhen Daily)
PASSENGER car sales rose 30.8 percent across the country in August from a year earlier, the fastest increase in eight months, according to the Union of National Passenger Car Market Information yesterday.
Sales of cars, multi-purpose vehicles and sport-utility vehicles hit 462,010 units last month, the Shanghai-based union said in an e-mailed statement.
Production expanded 20.7 percent to 425,701 units during the same period from a year earlier.
The record rise was credited to bullish stock markets on the mainland last month as some investors opted to buy automobiles with the money withdrawn from the securities over fears that the markets would eventually slump, the statement said.
FAW Volkswagen was the best seller last month with retail sales of 42,367 units in China, followed by Shanghai Volkswagen's 40,088 units and Shanghai General Motors's 38,378 units, according to the statement.
China's passenger car sales rose 30 percent to 5.18 million units last year, exceeding the 25 percent increase of the total vehicle market, according to China Association of Automobile Manufacturers.
The official auto association predicted the growth rate will slow to 20 percent this year.
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