11 April 2011 03:55 [Source: ICIS news]
GUANGZHOU (ICIS)--China sold 4.98m units of vehicles in the first quarter of this year, 8.08% more compared with the same period last year, the China Association of Automobile Manufacturers (CAAM) said on Monday.
Vehicle sales in March increased 5.36% year on year and 44.3% month on month to 1.83m units, CAAM said.
The country’s vehicle production grew by 7.48% in the first quarter to 4.90m units, while the figure for March gained 45% to 1.83m units, according to the association.
Passenger car sales reached 1.35m units in March and 3.84m units in the first quarter, up 6.52% and 9.07% year on year respectively, CAAM data showed.
The exit of stimulation policies, rising fuel prices, restrictions on car buying in first-tier cities such as Beijing and Shanghai, stricter emission rules and the 11 March earthquake and tsunami in northeast Japan slowed down China’s car market expansion in both March and the first quarter, the association said.
“Car sales growth this year would slow to single-digit with improvement on public transportation and continuous rise of fuel cost,” said Chen Xiwei, an analyst at Shanghai-based brokerage firm, Guotai Junan Securities.
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