Cars

China auto sales, output to exceed 15m in 2010

(Xinhua)
Updated: 2010-08-05 09:03

BEIJING - China's annual production and sales of new autos will both surpass 15 million vehicles this year, Dong Yang, secretary-general of the China Association of Automobile Manufactures, said Wednesday.

Related readings:  Ford's China sales fall in July  GM's July China sales rise 22% amid Chevrolet growth  China's auto sales up 17% year-on-year in July  Dongfeng H1 sales drive record revenues

Auto sales in China continued to rise in July, though at a slower pace than in previous months. The growth rate slowed from 124 percent in January to 40 percent in April, to 17.18 percent in July.

Rapid growth in auto sales during the first several months of 2010 was due to last year's low comparison base and it was not representative of the true picture in the industry, Dong said at a press conference.

"The current slowed growth in auto sales is beneficial for the sustained development of the industry, while a too-fast growth may put a lot of pressure on the environment and use of energy," he said.

As for auto inventories, Dong said they remain within normal range, though the average stockpile period lengthened to 58 days in July from 55 days in June.

Based upon June exports, China's total auto exports for the year will hit or even exceed the 2008 levels seen before the financial crisis, Dong added.