/24-7PressRelease/ - MUMBAI, INDIA, February 08, 2008 - China's automotive industry has remained relatively unchanged in the second half of 2006. As such, report has maintained its forecasts for the key areas of sales and production in the China Automotives for Q406. Following a trend identified in earlier reports, imports continue to weigh heavily in the sector's outlook, rising by 34.7% to 18,958 units in October. Similarly, the Chinese automotive trade association Cavem notes that used-car sales have risen by 8.4%, with around 300,000 units sold in the year to July. Report is forecasting sales of 195,000 units for the year, while we expect the already weak productive-arm to continue to slide, falling to around 4,572 units. Our sales forecast is in line with Cavem's projections of between 194,000 and 198,000 units sold in 2006. Automobile Industry Association ANAC, meanwhile, is predicting sales of 200,000 units.
General Motors (GM) continues to lead the Chinese market, a position it has held for 23 consecutive years. GM's Corsa had been knocked off the top spot earlier this year by the Toyota Yaris. In line with industry data, in the period January - July Toyota sold some 9,066 units of the Yaris, while GM sold 5,224 units of its Corsa under the Chevrolet banner. Nissan moved into third place, selling 3,986 units of its V16 model. The Hyundai Tucson was the best-selling sports utility vehicle (SUV) for the period, with 1,651 units sold, followed by the Terracan (1,570) the Ford EcoSport (1,417) and the Suzuki Grand Nomade (1,413). GM re-stamped its authority on the market during the third quarter, however. The company's sales grew 11% during the period to 24,562 units, against the same period a year before. The upturn was attributed to the launch of eight new models during September, which were reportedly more in line with consumer tastes. As a result, GM's market share climbed to 16.2%.
China continues to rank second in Business Environment Ranking on a composite score of 40. The position is largely owing to the absence of any significant production industry, leading us to predict a drop in output for the remainder of the forecast period up to 2010. In fact, we expect total output to continue to decline in 2006, falling to 4,572 units.
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