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General Motors Corp. (GM), the world's top automaker, and one of Volkswagen (VW) AG's ventures posted sales rises in China on Friday, but analysts were sceptical of a return to rapid growth in the world's third-largest vehicle market.
GM said its four Chinese ventures sold 247,232 units in the first five months, up 12.4 percent from the same period of last year, with just over a third of that coming from its flagship facility in Shanghai.
The smaller of VW's two Chinese auto-making joint ventures posted a 22 percent increase in vehicle sales in May from April, a sign that sharp discounts might be luring buyers back into showrooms.
FAW-Volkswagen, the German firm's 50-50 tie-up with First Automotive Works, moved 23,000 vehicles last month, compared with 18,900 in April. VW counts China as its largest market outside Germany.
Analysts and industry executives expect car sales in China to grow 10 to 15 percent this year — well off a near-doubling in 2003, when growing numbers of newly rich Chinese got behind the wheel for the first time.
Executives at VW's other Chinese plant, based across town from GM's Shanghai facility, declined to comment on sales, which State media said hit 22,800 vehicles in May.
The pace of growth in the country's car market began slowing in the middle of last year after the government stepped up curbs on easy car loans and implemented measures to cool a racing economy.
(Shenzhen Daily June 8, 2005)
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