News and Events

According to the China Association of Automobile Manufacturers, domestic automakers sold 4.57 million units in the first half of the year, but each month's sales declined from the previous month. However, sales of foreign branded vehicles in China showed robust growth led by German brands. The first half sales of passenger cars made by German automakers and their joint venture partners grew 20%YoY. Mr Shen Yang president of SGMW, General Motors' joint venture in Shanghai said that the performance of domestic players was due to inadequate understanding of consumer needs and lack of innovation. The CAAM report said 9.53 million cars were made in China in the first six months of the year up by 4% from the same period last year. At the same time, 9.6 million units were sold, growth of 3%. From January to the end of May, 350,000 cars were exported from the country with export value of USD 5 billion. Meanwhile, 510,000 cars were imported with import value of USD 22.2 billion. During the first five months of the year, the operating revenue for 17 key car manufacturers rose 5%YoY. But the report said they also have confronted difficulties, such as increased financing and labor costs.