CHINA: Honda reports slower sales growth in China slow as prices decline
Bloomberg reports that Honda has said Chinese sales growth of its Accord models is proving slower than expected as competition rises and prices fall.
Accord sales in China climbed 23 percent to 92,870 cars in the first 11 months of the year, compared with a 60 percent surge in the second quarter, Masaya Nagai, a spokesman for Honda China, said in an interview with Bloomberg in Beijing.
Sales this year are "a bit lower than expected," he said while attending a car-awards ceremony in the Chinese capital on Friday. "There are several reasons, including price-cutting and economic controls."
Honda is the latest company to report slower sales in China this year as government credit restrictions kick in. Growth in passenger car sales nationwide is forecast to slow to about 30 percent this year from 76 percent last year.