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Vehicle sales decelerate as government cuts subsidies (2)

(China Daily)

14:40, November 08, 2011

"The Golden Week (national day) holidays, the cooling economy and the rebound of gasoline prices on the world market all led to a sales decrease in October," said Rao Da, secretary-general of the association. "The withdrawal of subsidies for most fuel-saving vehicles helped produce the largest negative growth."

The Ministry of Finance altered its 2-year-old subsidy policy for fuel-saving vehicles, making more than 70 percent of the original 427 models ineligible for the subsidies, effective Oct 1.

"The total passenger vehicle production of 1,248,803 units, which grew by 5 percent from a year earlier, increased pressure on auto makers' inventory in October," said Rao.


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