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China’s August Passenger-Car Sales Growth Accelerates

12 October 2010 14:52 (UTC +04:00)

Baku - APA-Economics. Chinaâ€™s passenger-car sales to dealerships quickened in September as incentives for buyers boosted purchases, Bloomberg reported.

Wholesale deliveries of passenger cars rose 19.3 percent to 1.21 million, accelerating from 18.7 percent in August, the China Association of Automobile Manufacturers said in an e- mailed statement today. Deliveries surged 84 percent in September 2009 after government incentives bolstered demand.

Dealers stepped up discounts in China, the worldâ€™s largest auto market, after passenger-vehicle sales growth slowed from April amid government efforts to cool the economy. Automakers and dealers provided additional incentives that lured car buyers in September, analysts from J.D. Power & Associates, Samsung Securities Co. and Macquarie Group Ltd. said.

â€œThere is a pickup in buying from the past several months,â€ Leah Jiang, a Shanghai-based analyst at Macquarie, said in a telephone interview. Dealers â€œare getting more visitor traffic,â€ she said.

In August, Chinaâ€™s government increased the number of cars eligible for a subsidy benefiting fuel-efficient models. Buyers of energy-efficient cars will get a rebate of 3,000 yuan ($450) to help cut pollution in China, the worldâ€™s biggest polluter.

Cars including Ford Motor Co.â€™s Fiesta and Hyundai Motor Co.â€™s Elantra are among those eligible for the subsidy.

Auto sales on the mainland may rise 25 percent to 17 million units this year, Xinhua News Agency reported yesterday, citing the China Association of Automobile Manufacturers. Mainland China excludes Taiwan, Hong Kong and Macau.