So used has the MSM become to China’s red hot car growth, that Reuters headlines the October sales report “Chinese car sales dip in October, but still robust.” China’s passenger vehicle sales clocked-in a year-on-year growth of 79.6 percent in October. In September, the growth was 83.62 percent, which serves as the reason for Reuter’s slight concern.
During the first 10 months of the year, Chinese passenger vehicle sales surged 52.4 percent over the same period last year to 8.08 million units, said Rao Da, secretary-general of the China Passenger Car Association, to China Daily. He’s less concerned than Reuters: “We are optimistic that the November figures would surpass that of October as sales normally peak toward the end of the year.” With the new data under their belt, the industry association expects “full-year automobile sales to touch 13.5 million with a year-on-year growth rate of 44 percent.” Stating the obvious, Rao said this would make China the world’s largest automobile market for the whole year.”
And in the next: If the government will continue its stimulus package for the automobile industry, the growth rate for the 2010 could reach 25 percent, Rao figures. That would mean more than 16m units in China for 2010, a number the US reached in its heydays. The Ministry of Industry and Information Technology said the government is considering extending the favorable tax policies into the next year.
11 Comments on “China’s Car Sales Down in October—To 80 Percent Growth...”
Back to TopLeave a Reply
You must be logged in to post a comment.
You can also login using Facebook Connect.
China is the new economic generator.
They will only grow bigger and more important.
I wonder what kind of cars the manufacturers will develop to suit the worlds biggest market?
They’d better be fuel-efficient, or China will become the world’s largest hostage to oil producing countries.
Is China even looking at the strategic hole they’re digging by building a car-based economy? Or is their economy (and social peace) so fragile, the need for growth so great, that they’re ignoring the future for the here and now?
They’d better be fuel-efficient, or China will become the world’s largest hostage to oil producing countries.
No wonder they are are starting to seek out help in Africa. Eventually the Chinese middle class will need cheap goods like the people in the USA
@ Lorenzo:
It’s not just the car market that is growing. China will spend $200 billion on railways in the next two years, much of it for high-speed rail. The Beijing-Shanghai line , more than 800 miles long, was begun in 2008 and is scheduled to be operational in 2012. The US, has earmarked less than $20 billion. China will add 44,000 miles of new roads and 100 new airports in the next decade. China’s high-speed rail network will overtake Europe as the world’s biggest by 2012.
Great photo.
When China is mature the traffic jam will extend outbound from the circle, to the next circle, in each direction, like we have in Boston, a completely saturated road network.
Although looking again, it looks lie seven lanes each way into, then 4 lanes out of circle. They seem to have built it for a permanent eternal jam.
Derm81
Quite correct about Chinese developments in Africa. There’s a literal ‘army’ beavering away of 850,000 Chinese living and working in Africa and we’re not talking corner take-aways here either.
China has taken a strategic shift with its huge reserves/savings mountain with the Govt now using this to back any investment by private Chinese companies abroad. These strategic investments include mainly resources/commodities where the US and Europe are being out-thought/muscled in many areas but also everything for the consumer society, such as Western drinks companies.
We can’t afford to have wankers like Brown and Obama as our leaders wedded to old style vested interests and not seeing past their own noses. We need strategic thinkers and leaders in office which haven’t been apparent since WWII.
Otherwise we’re toast
When I was in Bejing and Guandong in 2000 the traffic was already horrific with conjestion. I can’t imagine how anything will move in the near future, not to mention the air pollution.
I don’t know where all the concern about congestion and pollution comes from. China and the USA are approximately equal in size. Both have their empty spaces and their high population density areas. The USA has about one fourth of the population of China, but the USA has about twice the number of motor vehicles on the road than China. The USA has about 800 cars per 1000 pop. China has about 50 cars per thousand. Who should we worry about?
The recession is over, in China. There’s our recovery. So, you can thank the Walton family and Walmart-Target-HomeDepot-Lowes, etc, all the big box stores destroying the working classes and the American small business community.
You fools don’t even know you’re being played.
All this growth in China is being fueled by one thing: Stimulus…in other words, debt. In fact China’s government is printing money almost as fast as ours to cover losses from the huge loss in exports. The good thing is, they have huge savings. The bad part is, well, they have a massive bubble economy too that is going to blow up in their faces.