China car sales up

Chinese monthly passenger-vehicle sales rose to the highest in almost two years, beating analyst estimates, as consumer confidence improved with the economy and dealerships increased discounts to reduce stockpiles.
Sales of SUVs jumped 18 percent last month to 189,200 units, maintaining its streak as the fastest-growing segment in the world’s largest auto market. In the first 11 months, SUV sales climbed 26 percent to 1.79 million units, compared with a 7.1 percent gain to 14 million in total passenger-vehicle sales.
China passenger car sales will increase about 10 percent next year, according to Xu Changming, director of information resource development at the State Information Center, part of the nation’s top economic planning body, at a car dealership conference on Nov. 29.

Japanese Rebound

“The winter for Japanese brand cars is over,” Dong Yang, secretary general of the auto association, said at a briefing in Beijing today.

Nissan Motor Co. (7201), which has the biggest market share in China among Japanese automakers, reported a 30 percent drop in November sales to 79,500 units, a narrower decline from October. Honda Motor Co. (7267)’s deliveries slumped 29 percent to 41,205 vehicles, while Toyota Motor Corp. (7203) dropped 22 percent to 63,800 vehicles.

General Motors Co. (GM), the biggest foreign automaker in China, reported a 9.7 percent increase in November sales to 260,018 units, led by its Chevrolet and Buick brands. Ford increased sales 56 percent to 67,505 vehicles last month.

Among luxury carmakers, Bayerische Motoren Werke AG boosted sales 62 percent to 31,090 units, while Daimler AG’s Mercedes- Benz reported a 6.6 percent drop in deliveries to 16,876 vehicles in China, including Hong Kong.