Rays of recovery - China auto sales increase in first five months
Monday, 15 Jun 2009
Xinhua quoted China Association of Automobile Manufacturers said sales of China's domestically made automobiles topped 4.96 million units in the January to May period up by 14.29% from a year earlier.
The CAAM said both output and sales of domestically made automobiles in May exceeded 1.10 million units. It was the third month in a row that topped the million unit mark.
The association attributed the increases to a series of government stimulus measures.
According to the CAAM China auto industry suffered in 2008 because of state macro control and the global downturn. Yearly output and sales grew 5.2% and 6.7% in 2008 the lowest growth in ten years. China is expected to sell 10.2 million vehicles in 2009 up by 8.7%YoY.
