New vehicle sales in mainland China rose by 2.8% to 1,987,000 million units in October, from 1,933,000 units a year earlier, according to data released by China Association of Automobile Manufacturers (CAAM).
Analysts say that the rate of growth of the Chinese car market is now slowing in response to a slowing Chinese economy and saturated vehicle markets in some areas of the country.
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Domestic brands reported a one percentage point market share increase to 39.5% last month, while German brands accounted for 18.9% of sales; Japanese brands 16.5% and US brands 12.3%.
General Motors and its local joint ventures reported a 3.2% rise in sales to 291,371 units; while Toyota’s sales were up by 27% at 104,700 units. Nissan’s sales fell by close to 9% to 104,400 units and Ford’s sales were 1% lower at 93,179 units. Luxury brand BMW saw its sales rise by over 20% to 39,512 units.
The overall market increased by 6.6% to 18,988,000 units in the first ten months of 2014, from 17,816,000 units in the same period of last year. CAAM expects full year sales to rise by 8.3% to 23,830,000 units.
