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China’s Auto Industry Softens Sales Forecast
Six months ago the China Assn. of Automobile Manufacturers predicted car and truck sales would expand about 10% to 24.2 million units this year.
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Six months ago the China Assn. of Automobile Manufacturers predicted car and truck sales would expand about 10% to 24.2 million units this year. Now the state-backed group expects 8% growth and 23.8 million deliveries.
Vehicle sales in China surged 14% to 22 million units from 2012 to 2013. CAAM says it trimmed its forecast for 2014 because China's sluggish economic growth and the likelihood that more cities will limit new-car purchases.
Passenger vehicle sales in China climbed 11% to 9.6 million units in the first half of 2014. But commercial vehicle sales dropped 3% to 2 million over the same period. Analysts consider the latter market the better barometer of China's economic conditions.
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