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Sales growth slowdown continues for SAIC Motor

Xinhua reported that SAIC Motor the listed arm of Chinese auto giant Shanghai Automotive Industry Corporation May vehicle sales rose 48.2%YoY to 289,239 units.

SAIC Motor in a filing to the Shanghai Stock Exchange said output in May stood at 292,885 a rise of 46.9%YoY. But the YoY growth figures for output and sales have contracted every month since January.

Sales growth in May was down by 41.8 percentage points from January 89.8% and the output growth has declined by 43.3 percentage points.

According to the company annual report released in April SAIC Motor sold 2.73 million vehicles last year up by 57.2% with market share in China rising 1.4 percentage points to 19.9%.

The China Association of Automobile Manufacturers announced in January that China overtook the United States last year as the world largest auto market with sales surging 46.15% to 13.64 million units.

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