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Both automobile output and sales in China in the first 11 months of this year surpassed the total of last year with figures in November jumping from October.
Domestic vehicle output stood at 4.67 million units in the first 11 months of this year, up 16.23 percent from a year earlier, show statistics from the China Association of Automobile Manufacturers.
Sales of vehicles made in China grew by 16.81 percent year-on-year to 4.58 million units during the period.
The output and sales were up from the total of around 4.4 million units last year.
In November alone, vehicle output and sales in China rose by 16.39 percent and 12.14 percent to 435,700 units and 451,600 units respectively from the previous month, thanks to manufacturers' heavy inventories.
Output and sales in October plunged by 14.47 percent and 7.83 percent respectively from that in September.
"Both vehicle output and sales in China are expected to top 5 million units this year," said Zhu Yiping, the spokeswoman for the auto association.
However, total vehicle output and sales will grow by some 13 percent this year, down from 35 percent last year, Zhu said.
Analysts attribute the decelerating growth of vehicle output and sales this year largely to banks' controls on car loans, soaring oil prices and customers' anticipation of further price cuts.
But the growth this year had declined to "a normal from a breakneck level" last year, said Jia Xinguang of the China Automotive Industry Consulting and Development Corp.
Prices of almost all the foreign and home-grown brand cars have been slashed so far this year.
Analysts forecast that domestic car prices will decline by 15 percent this year from last year.
Zhu predicted that passenger car output and sales would total 2.3 million units this year, up from 2 million units last year.
Growth of passenger car output and sales in China skyrocketed by more than 70 percent last year from 2002.
Passenger car output and sales increased by 15.95 percent and 16.90 percent year-on-year to 2.14 million units and 2.08 million units from January to November this year, statistics indicate.
The association said the top five best-selling brands were Santana produced by Shanghai Volkswagen, Jetta by First Automotive Works (FAW) Volkswagen, Xiali by Tianjin FAW Automobile Co, Accord by Guangzhou Honda and Elantra by Beijing Hyundai during the period.
Sales of Santana, the most time-honoured foreign brand made in China, reached 196,100 units during the period.
Output and sales of trucks stood at 1.39 million units and 1.40 million units in the first 11 months of this year, up 23.02 percent and 25.88 percent from a year earlier.
Bus output and sales grew by 9.29 percent and 6.95 percent year-on-year to 1.13 million units and 1.11 million units in the period.
(China Daily December 14, 2004)
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