09 February 2012 10:07 [Source: ICIS news]
The country’s vehicle production in January totalled 1.3m units, a 27.5% year-on-year drop and down by 23.2% month on month, the CAAM said.
Passenger car sales in the month declined by 23.8% on year and 15.2% from December 2011 to 1.16m units, with production falling by 24.3% year on year and 22.8% from the previous month to 1.05m units.
The CAAM said the sharp decline in car sales was primarily caused by the Lunar New Year holiday on 22-28 January, when buying activity weakened during the festive season.
Car production and sales data are indicators of base oil demand and plastic consumption in manufacture of car parts.
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