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Chinaâ€™s auto sales bounce

10 February 2010 14:05 (UTC +04:00)

Bakuâ€“APA-Economics. China’s auto sales surged 124% in January to a monthly record of 1.66 million vehicles, extending last year’s strong gains and bucking forecasts for weaker growth, gasgoo.com reports.

Last month, sales of passenger cars, including sedans, SUVs, and MPVs, surged 115.5% year-on-year to a new monthly record of 1.32 million units, said the China Association of Automobile Manufacturers (CAAM) said yesterday. Nearly half of the sales, 650,000 units, were achieved by homegrown brands.

January sales of commercial vehicles, including trucks, coaches and buses, reached 348,200 units, up 177% from a year earlier, close to the all-time record of 356,100 units in March 2008.

Both domestic and global automakers posted record sales in the Chinese market last month. General Motors sold 219,192 vehicles up 97% year-on-year. Ford Motor sold 30,759 units, up 128%. SAIC Motor sold 307,384 units, up 90%. Geely Auto Jan sales surged 137% to record 43,877 units.

China’s vehicle sales rose 46% to 13.5 million units last year, and the country surpassed the U.S. for the first time to become the world’s top auto market.

Automakers previously said they expect 2010 sales growth in China to slow to 10%-15%, but in the first month robust growth is continuing. The extended stimulus measures such as sales tax cuts and subsidies for trade-ins help boost drove auto purchases.