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Investing

CHINA AUTO SALES HOLD STEADY IN OCTOBER

Published by Gbaf News

Posted on November 15, 2014

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BEIJING (AP) — China’s auto sales growth held steady in October, taking a break from a long, steady decline, while local brands regained market share from global rivals.

An industry group, the China Association of Automobile Manufacturers, said Friday that sales of passenger vehicles rose 6.4 percent to 1.7 million vehicles. That was in line with September’s growth but lower than previous months.

Sales growth in the world’s biggest auto market has cooled steadily as China’s economy cools.

The CAAM said total sales, including trucks and buses, rose 2.8 percent to just under 2 million vehicles, up from September’s 2.5 percent growth.

Market share for Chinese domestic brands rose just over 1 percentage point to 39.5 percent. That temporarily reversed a steady erosion in share in the face of intense foreign competition.