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Rays of recovery - Chinese auto sales spurts in February

According to China Association of Automobile Manufacturers China vehicle sales and yield have both broken 800,000 unites this February for the first time since eight months ago. According to the statistics from CAAM in February China's auto market goes brisk and stock drops to the lowest level in two years. China has totally produced 807,900 vehicles, spurting 22.96%MoM and 23.08%YoY. Meanwhile, the sales have topped 827,600 units, rising 12.43%MoM and 24.72%YoY. However, passenger car vehicles and commercial vehicle performs definitely different.

Benefited from the policies introduced at the start of the year, including the scrapping of some road fees and halving of sales taxes on small vehicles, the overall sales of PCV gains more than other types, especially CV which maintains negative growth at the same time. Statistics shows that the output of PCV increases 25.4%YoY to 591,300 units with the sales up 24.23%YoY to 607,300. At the same time, the production of CV reaches 216,600 units up by 17.17%YoY and sales climbs by 26.09% to 230,300 units.

The snow disaster attacking last Feb lends another support to double digital growth in auto industries. Mr Xiong Chuanlin, the deputy secretary-general of CAAM said "The market in the Mar is expected to move better than February and sentiment on the whole year will be kept cautiously optimistic." CAAM's data shows again that in the first two months, China has produced 1.465 million units of vehicles, down 1.16%YoY and sold 1.564 million units, up 2.70%YoY. In the same period, the output and sales of PCV increases 3.29%YoY and 5.81%YoY to 1.116 million units and 1.218 million units respectively, while CVs production and sales slips 13.15%YoY and 6.94%YoY to 348,700 units and 345,700 units. In the list of China's top 10 CV makers, Dong Feng FAW, JAC, SINOTRUK and JMC also nose down in sales compared with that in the same period of last year.

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