Vehicle sales in China were up by 34.4% year-on-year in April amid a growing consensus that the coming months will see an easing of frenetic market growth.
Auto sales were up 34.37% from a year earlier to about 1.56m in April, the China Association of Automobile Manufacturers (CAAM) said in a statement.
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Car sales in April were 1.1m units – up 33% from a year earlier,
The latest sales figures show a slowdown in the rate of growth from that recorded in March and analysts say that further slowing is inevitable as the monthly year-on-year comparison will be against the booming incentive fuelled markets of last year.
There are also indications that the Chinese government is seeking to curb credit availability amid worries in Beijing that the economy could be overheating.
The April figure brought the combined sales for all vehicles in the first four months to about 6.17m units, up 60.5% year-on-year, according to the CAAM.
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By GlobalDataFrom January to April car sales in the country jumped 63.6% to 4.63m units, following a 76.3% gain in the first quarter, CAAM said.
Many analysts forecast growth for China’s car market of 10-20% this year.
Analysts also expect a slowdown in sales in China’s big urban centres, with growth moving to smaller cities and surburban/rural areas.
Market leader SAIC said it sold 33.7% more vehicles in April than a year earlier and cited government incentives that are continuing to boost demand for small cars.
