National Day holidays bring boom for China's auto market

14:17, October 11, 2010      

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Carmakers across China saw high sales during this year's National Day holidays, according to reports by companies.

Beijing Automotive Industry Holding Corp (BAIC) sold nearly 20,000 automobiles during the National Daily holidays, representing a historical high and an increase of nearly 19 percent from a year earlier, said BAIC on Oct. 8.

"Our daily retail sales volume exceeded 10,000 units during the National Day holidays, which was above our expectations," said Hong Yi, director of the Shanghai GM Buick Marketing Department.

As the government has adopted a series of housing regulatory measures, many consumers who had planned to buy houses bought cars during the holidays instead, an industry insider said.

According to a FAW Toyota distributor in southern China, FAW Toyota's sales volume stood at 500 to 600 units in Guangzhou during the holidays, with each distribution outlet selling seven to eight units per day on average. Although the sales volume was on the increase, the price generally remained unchanged compared with the period prior to the golden week, and prices were without considerable discounts.

As automakers universally lowered their output in July and August, the inventory pressure of distributors has further eased. The inventories of joint ventures have generally dropped to about one month of sales volume, and only a few of the domestic automakers with independent brands are still above two months of their sales volume.

For BYD, which had earlier maintained high inventories, the inventories of its distributors in Guangzhou have even dropped below two months of its sales volume.

Apart from the housing regulatory measures, the 3,000 yuan government subsidy for every energy-efficient car has played a key role. After the government issued three batches of energy-efficient car model lists, related products have become increasingly popular on the market. The monthly sales volume of Shanghai Volkswagen's Lavida that is listed as an energy-efficient car model hit a new high of 22,500 units.

By People's Daily Online

(Editor:祁澍文)

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