InfoAnda - China car industry may be shifting into slow lane

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Benicio Del Toro impregnates Rod Stewart's daughter | | 12 April 2011
Palestinian unity talks delayed: Egypt | 19 February 2009
NZ anti-whaling activist on trial in Japan | 31 May 2010

China says 5,335 children dead, missing in quake | 7 May 2009

">Forum Views () ">Forum Replies ()

Read more with google mobile : China car industry may be shifting into slow lane

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: China car industry may be shifting into slow lane AFP - 2 hours 37 minutes ago BEIJING (AFP) - - China's car manufacturing sector has been used to racing ahead at sometimes dangerous-looking speeds but now it may have to get used to life in the slow lane, at least for a while. At the Yongtai Auto dealership in Beijing, this September has been unusually lacklustre, with sales down about 10 percent from a year ago. "People are waiting for the price to drop," said Xiong Tao, a sales manager at the dealership. "People are more cautious with their money." The global turmoil, combined with plunging stock prices at home, are key reasons why a market spoiled by double-digit growth figures has changed so abruptly. After growth of 22 percent in 2007 and 25 percent in 2006, the car manufacturing sector this year is likely to expand by only seven to nine percent, according to various estimates based on figures for the first nine months. Even so, China remains a land of golden opportunity, at least if contrasted with the sombreness in Europe and the United States, where makers of cars and equipment are seriously concerned about the impact of the crisis. Many have already cut back production. In the first nine months of the year, Ford Motor China reported little more than seven percent in vehicle sales, while passenger car sales were up by a mere six percent. Volkswagen China did slightly better, reporting a sales increase of 13.1 percent in the same period, according to data that also included Hong Kong and Macao business. "The downturn in the global economy and natural disasters affected the China's auto market to a large extent," Winfried Vahland, president and CEO of Volkswagen Group China, said in a statement. "The increase in the prices of raw materials and petroleum have caused huge pressure on all auto makers. The global financial market is very unstable. All these are challenging auto makers in China as well as in the world." The drop appears to have set in only in the third quarter, since Volkswagen reported growth of 23.3 percent in the first six months. As late as April, the German company even opened a new plant, in the east Chinese city of Nanjing, "to respond to growing demand". Honda Motor has seen sales rise by 19.7 percent this year but, significantly, for the month of September alone, sales were up by just 3.5 percent. "A number of factors, both internal and external to China, have contributed to the slowdown in the third quarter," said Robert Graziano, president of Ford Motor China, in a statement. Among major internal factors were the August Olympics and the traffic restrictions it caused in Beijing, which accounts for eight percent of the Chinese market. "The residents of Beijing didn't know if these restrictions were going to become permanent and so they put off planned purchases of autos," said Alexis Vannier, a spokesman for PSA Peugeot Citroen. Now that uncertainty has disappeared -- less stringent rules are in place demanding car owners keep off the road only once a week -- but the stock market remains a major unknown. The stock market is down by about 70 percent from a year ago, wiping out fortunes and lowering consumer sentiment, with a much deadlier impact on car sales than the global financial woes so far. Price is a major concern in China, where inflation has been high in recent months, argued Jia Xinguang, an analyst with consultancy China National Automobile Consulting and Developing Corp. "The price of various products have increased, while income levels have remained the same, so consumers have to consider the money needed for car maintenance, especially for lower and middle income families," he said. But the fundamentals seem to be sound and the long-term trend appears promising, analyst said, pointing to the sheer numbers. After all, this is a country with a population of 1.3 billion people, but only 168 million vehicles, including just 40.2 million cars. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Asian stock markets rise as US elects ObamaAP - 50 minutes ago Financial crisis hangs over New Zealand electionAFP - 1 hour 9 minutes ago Europe shares set to rise after U.S. electionReuters - 1 hour 36 minutes ago Oil slides below $69 on weaker demand worriesAP - 1 hour 54 minutes ago Related Articles: Business JGBs fall on jump in stocks, weak 10-year auctionReuters - 46 minutes ago Israel's MA Industries Q3 net profit risesReuters - 48 minutes ago Japan's Aso: Must support dollar as key currencyReuters - 48 minutes ago Asian stock markets rise as US elects ObamaAP - 50 minutes ago India cbank sets underwriting commitment for auctionsReuters - 50 minutes ago Enlarge Photo China car industry may be shifting into slow lane Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Obama wins US election, to become first black president Americans flock to vote in historic elections Foods to prevent disease? Obama's grandmother, family 'rock', dies on election eve DNA tests confirm death of millionaire flyer Steve Fossett View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

Other News on Tuesday, 4 November 2008
15 dead in Baghdad blasts, violence rising
Israel launches first airstrike on Gaza since June
Israeli strikes on Gaza kill six gunmen: Hamas | International |
Court orders film copyright guards in China-made DVD players
Obama, McCain await judgment of history
Iran's parliament ousts Ahmadinejad ally
Boeing delays first 787 Dreamliner flight
Talk or I restart war, Congo rebel tells government | International |
US troops on front lines of war track election
US, European stocks rally as US vote stirs relief hopes
Blasts rock Baghdad, at least 14 killed | International |
Sinking profits heighten recession fears
Iraqi views mixed on US presidential contest
Mega mall opens in Dubai despite global economic gloom
North Korea campaigns to show healthy Kim Jong-il | International |
Iran's interior minister sacked over fake degree
World looks forward to new era with US
U.S. says Afghan officials supported deadly attack | International |
String of Baghdad bombings kill 14
Slammed by financial crisis, BMW drops full-year outlook
Colombian army chief resigns after killings probe | International |
Sunset turns into business for Japanese city
Iran parliament sacks interior minister over fake degree
Twenty killed in German bus blaze | International |
Suicide bomber kills soldier, injures seven in Pakistan
Unemployment fears stalk once-roaring China | International |
Love, not war, and mystery in Pyongyang | International |
S.Korea says banks' foreign debt rollover improves
Obama, McCain await judgment of history
US, European stocks rally as US vote stirs relief hopes
Colombian rebels still keen for talks on hostages | International |
Iraq receives 'positive' signs from US on security deal: MP
APEC finance ministers to discuss global crisis
Yahoo-Google deal may flounder, analyst says | Technology |
US troops in Iraq become citizens on election day
Sinking profits heighten recession fears
Dell asks workers to take unpaid vacation | Technology |
NZ stocks open stronger after Wall St gains
FCC clears Google-backed plan on airwaves use | Technology |
Mitsubishi UFJ buys rest of UnionBanCal for 3.5 bln dlrs
Q+A-Pakistan weighs options as payments crisis looms
FCC OKs Verizon/Alltel and Sprint/ Clearwire deals | Technology |
SKorea's foreign reserves fall amid credit crunch
Apple hires IBM exec to head iPods; IBM objects | Technology |
Reporter's suit challenges China's media controls
Fujitsu buying Siemens' stake in 50-50 venture
Media groups turn on Web for election coverage | Technology |
Nokia strengthens emerging market push, to cut jobs | Technology |
High School Musical 3 gets singalong version | Entertainment |
Soul man Nathaniel Mayer dies after stroke | Entertainment |
Pooh sketch makes $50,000 | Entertainment |
Top court considers television dirty words case | Entertainment |
24 finally back for Season 7 in January | Entertainment |
Media groups turn on Web for election coverage | Entertainment |
Five Palestinians killed in Israeli raid on Gaza: medical sources
Barrage of rockets after six killed in Gaza: military
Mexican interior minister dies in plane crash | International |
Obama surfs the Web to the White House
Barrage of rockets after six killed in Gaza: military
FCC approves opening up TV spectrum for wireless use
Historic win sparks joy in Obama's Kenyan village | International |
Mexico interior minister, eight others die in plane crash
Iran warns U.S. not to violate Iranian airspace | International |
IPod's "father" leaving Apple
World tunes in to see Obama win historic US election
China reveals fresh sentences for Tibet unrest | International |
Afghanistan welcomes Obama win, wants more focus | International |
ECB to cut rates sharply on Thursday, analysts forecast
US troops on front lines of war track election
Obama wins US election, to become first black president
Mexico interior minister, officials die in capital plane crash
Cigarette sets German bus ablaze, 20 dead
South Korea warns next U.S. president on trade deal | International |
Japan ex-defense head sentenced to jail for bribes | International |
Obama victory sparks cheers worldwide
China detains suspect in melamine eggs case | International |
Surfing violent websites linked to violent behavior | Technology |
World hails Obama's 'brilliant' victory
Sri Lanka to unveil biggest ever war budget
Trump eyeing investment in Philippine freeport
Philippine inflation eases to 11.2 percent in October
Seoul shares pare gains after Obama victory
China car industry may be shifting into slow lane
Taiwan businesses, workers assess impact of China deals
NZ dollar firmer on risk appetite, eyes jobs data
Dollar gains as traders watch US vote
Stocks, dollar rise as Obama takes White House
TV shows may see post-election ratings growth | Entertainment |
Korea Exchange halts programme buying in KOSPI
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01