BEIJING (AP) – China’s auto sales growth decelerated further in August to 8.5 per cent while sales of SUVs surged by nearly a third.
Drivers in the world’s biggest auto market by vehicle sales bought 1.5 million passenger cars in August, the China Association of Automobile Manufacturers said Thursday. Total sales, including trucks and buses, rose 4 per cent to 1.7 million vehicles.
Global automakers are looking to China to drive global sales but growth has slowed steadily as the world’s No 2 economy cooled from double digit rates of expansion. Auto sales growth declined from 13.9 per cent in May to June’s 11.5 per cent and to 9.7 per cent in July.
The market share of Chinese auto brands eroded further in August under intense pressure from US, European and Asian brands that are spending heavily to appeal to local tastes.
Sales of Chinese-brand passenger vehicles grew by 5.7 per cent while those for German, Japanese and American brands increased by 21.6 per cent, 15.1 per cent and 13 per cent respectively. Chinese brands’ share of the market declined by 1 per centage point to 37.1 per cent.