13 January 2012 10:41 [Source: ICIS news]
GUANGZHOU (ICIS)--China registered its slowest rate of growth in car sales and production in 2011 in 13 years with sales and manufacturing rising by only 2.45% and 0.84% respectively, China Association of Automobile Manufacturers (CAAM) said late on Thursday.
Vehicle production was at 18.4m units and sales were at 18.5m units last year.
Passenger car sales in 2011 increased by 5.19% to 14.5m units, while production rose by 4.23% to 14.5m units, according to CAAM data.
In December 2011, vehicle production was at 1.69m units, down by 9.26% year on year and 0.18% from November, while vehicle sales in the month increased by 1.38% on year and 2.03% on month to 1.69m units, CAAM said
CAAM said the government’s control on the macroeconomy and the removal of a stimulus policy on car purchasing were the major reasons for the slowdown.
Car production and sales data is an indicator of base oil demand and plastic consumption in making car parts.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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