China’s car market continued to boom in February according to official data.
Data released by the China Association of Automobile Manufacturers China (CAAM) showed that China’s passenger car sales in February rose 55.3 percent from a year earlier to 942,900 units.
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The strong February growth came in spite of the dampening effect on sales caused by the timing of the Chinese Lunar New Year festivities (it was earlier last year).
The strong sales growth in the first two months of the year will help to alleviate some concerns that the market could lose momentum early this year after 2009’s strong performance.
However, many analysts do expect China’s car market to slow later this year following two years of unprecedented surging sales on the back of special measures to help car sales. It’s a question of predicting the magnitude of slowdown, they say.
CAAM said that sales of Chinese-brand vehicles continued to advance in February, claiming about half of all sales.
CAAM said that total vehicle sales – including commercial vehicles – in February rose 46.3% from a year earlier to 1.21m units.
