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Sales jump 24% in October as economy rebounds
2013-11-12 09:43:22 Source:Bloomberg Browse 10069 Secondary

China''s passenger-vehicle sales last month climbed the most since January, helped by a recovery in economic growth and rebound in demand for Japanese brands.

Wholesale deliveries of cars, MPVs and SUVs rose 24 percent to 1.6 million units in October, according to the state-backed China Association of Automobile Manufacturers.

The fastest pace of auto sales in nine months adds to signs that China''s economy is gaining momentum, with official statistics released last week showing industrial production and customs data rose more than forecast while manufacturing investment strengthened.

Vehicle demand for Toyota Motor Corp. and Honda Motor Co. surged last month as anti-Japanese sentiment over a territorial dispute abated. "The recovery of demand for Japanese-brand cars is spurring overall vehicle sales," said Harry Chen, an analyst with Guotai Junan Securities Co. in Shenzhen. "It''ll take the Japanese automakers more time to gain back market share."

Total sales of vehicles, including buses and heavy trucks, rose 20 percent to 1.9 million units last month, the association said. In the first 10 months of the year, 17.8 million vehicles were delivered, with 14.5 million being light vehicles.

Commercial vehicles sales increased 7 percent in the first 10 months of the year to 3.4 million units.

Economic growth
China''s industrial output growth unexpectedly accelerated and inflation stayed below a government target last month, adding to a picture of an economy that is gaining strength.

Production rose 10.3 percent from a year earlier, while inflation was 3.2 percent and producer prices fell 1.5 percent, the National Bureau of Statistics said on Nov. 9.

Sales of SUVs jumped 73 percent to 284,200 units last month, while deliveries of multipurpose vehicles more than tripled to 135,300 units. Sedan deliveries gained 17 percent to 1.1 million vehicles.

The Ford Focus was the best-selling sedan last month, with Great Wall Motor Co.''s Haval line remaining the nation''s top-selling SUV.

Toyota''s sales in the country rose 81 percent to 82,400 units, while Honda more than tripled its sales to 75,150.

Nationwide demonstrations erupted in China last year over Japan''s purchase of a group of disputed islands, sparking a consumer backlash against Japanese auto brands.

General Motors, the largest foreign automaker in China, reported a 12 percent gain in October sales to 282,446 units, led by demand for its Wuling and Buick vehicles.

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