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Chinese auto sales up by 56pct YoY

According to report released by China Automotive Technology and Research Center, China automobile sales increased 55.72%YoY and 15.09%MoM in August to 1.22 million vehicles ending a four straight month decline.

According to CATRC report, automobile production in August increased 10.15%YoY but declined 2.74%MoM to 1.2 million vehicles. Cumulative automobile production and sales grew 35.45%YoY and 31.53%YoY to 10.91 million and 9.46 million vehicles in the first 8 months of 2010.

The auto inventory cycle was shortened by 1 day MoM to 57 days in August. The inventory cycle for passenger vehicles was reduced by 2 days to 58 days MoM in August while the inventory cycle for commercial vehicles was extended by 1 day to 51 days MoM.

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