China vehicle sales decrease by 26% in January on festive season

09 February 2012 10:07  [Source: ICIS news]

SINGAPORE (ICIS)--China sold 1.39m units of vehicles in January this year, a decrease of 26.4% year on year and 17.8% from December 2011, China Association of Automobile Manufacturers (CAAM) said on Thursday.

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.

By: Fanny Zhang
+65 6780 4359

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