Foundry Daily News

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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