InfoAnda - China auto sales fall in November

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China auto sales fall in November By ELAINE KURTENBACH,AP Business Writer AP - 1 hour 38 minutes ago SHANGHAI, China - China's passenger car sales fell 10.3 percent in November from a year earlier as stalling economic growth sapped consumer confidence, state media reports said Monday. It was the third month out of four that car sales have contracted on an annual basis in the world's second-largest auto market. Sales rose in October. Auto sales for January-November rose 8.9 percent from the same period a year earlier to 6.16 million units, the official Xinhua News Agency and other state media cited the China Association of Automobile Manufacturers as saying. That compared with an 18.5 percent increase in passenger car sales in 2007. Chinese consumers are increasingly feeling the pinch from the global financial crisis, and cutting back on auto purchases and other discretionary spending, J.P. Morgan economist Frank Gong said in a briefing Monday. "People are losing high paying jobs which are being replaced by low-paying jobs in construction," Gong said. "Auto sales will continue to slow down," he said. Sales of passenger cars in November totaled 522,800 units, down 2.9 percent from the previous month and down 10.3 percent from the same month in 2007. Sales in October rose 8.4 percent from a year earlier, the industry group said. Sales of sedans fell almost 11 percent to 389,600 units compared with a year earlier, while sales of multipurpose vehicles dropped 30 percent to 14,400 units. Sports utility vehicle sales fell 3.6 percent from the year before, to 35,000 units, it said. Dongfeng Nissan, a joint venture between Japan's Nissan Motor Co. and local automaker Dongfeng Motor Co., was among the few automakers to see sales rise: Its passenger car sales rose 60 percent in November from a year earlier to 33,417 units, the report said. Most other major automakers saw double-digit declines in sales. That included Shanghai GM, General Motors Corp.'s joint venture with Shanghai Automotive Industrial Corp., whose sales fell 35 percent in November from a year earlier to 29,469 units, the report said. While GM, Ford Motor Co. and Chrysler automakers plead for billions of dollars in help from the U.S. government, China's own car manufacturers are also looking for ways to weather the slump in demand. Most Chinese automakers are state-owned companies that enjoy a degree of support from their local government owners. They also benefit from requirements that foreign automakers producing for the local market operate through joint ventures controlled by Chinese partners. China's Export and Import Bank agreed Sunday to give Chery Automobile Co., a partner with Chrysler LLC and one the country's biggest automakers, a loan of 10 billion yuan ($1.5 billion) to help support its international expansion, reports said Monday. 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 GLOBAL MARKETS-Equities surge on stimulus hopes for economyReuters - 24 minutes ago TOPWRAP 5-Car bailout hopes rise; EU, China plot next movesReuters - 43 minutes ago Wall Street looks for upbeat openAP - 1 hour 4 minutes ago China auto sales fall in NovemberAP - 1 hour 38 minutes ago Related Articles: Business EU clears France's bank bailout planAP - 20 minutes ago China wants to keep talking with US-US's McCormickReuters - 21 minutes ago GLOBAL MARKETS-Equities surge on stimulus hopes for economyReuters - 24 minutes ago Aquarius says suspends Everest platinum mine worksReuters - 24 minutes ago Emerging Markets-Assets rally on stimulus plansReuters - 24 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Financial crisis tipped to cut cost of air travel Girl, 8, among 17 dead in Manila shoot-out: police Oil price falls below $40 Climate change: Sci-fi solutions no longer in the margins Vinnie Jones gets into bar fight over role in X-Men View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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