Chinese car maker Geely Automobile Holdings has said sales at its two associates fell nearly 17% last month from September, partly because it relocated a production line.
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Reuters reported that Geely, which makes low-priced cars for the world’s fastest-growing market, said its two 46.8%-owned associates sold 6,222 units in October, down 6% from the same month last year and 16.8% from September. Geely also said sales of sedans in China had slowed since late April but did not elaborate.
The news agency noted that China’s car industry has seen last year’s sharp growth slow dramatically this year after Beijing tighened credit and cracked down on rapid investment in industries such as cars. The industry is also plagued by rapid capacity expansion by both local and foreign carmakers which has fuelled price cuts amid fears of overcapacity and a car glut.
