By JAMES DETAR , 2014-11-15 10:05:57
New car sales growth in China, the world's largest auto market, held steady in October after a long slowdown, while local brands regained a bit of the market share lost to foreign makers such as General Motors (NYSE:GM).
The China Association of Automobile Manufacturers said Friday that passenger car sales grew 6.4% to 1.7 million vehicles, in line with September's growth rate.
Total sales last month, including trucks and buses, grew 2.8% from a year ago, up from September's 2.5% growth rate.
Chinese domestic brands' market share rose a little more than 1 percentage point to 39.5%, reversing a steady loss to U.S. and European brands.
Volkswagen (OTCPK:VLKAY) and GM are rivals for top foreign brand in China. Ford Motor (NYSE:F) has made gains in that market as well this year.
On Thursday, GM said that it had sold 2.9 million vehicles in China so far in 2014, up 10.7% from a year earlier. The company also expects to roll out 60 new or revamped models through 2018 in China.
General Motors shares were up less than 1% in Friday midday trading on the stock market today. Volkswagen and Ford both rose. Toyota dipped 0.3%.
Honda Motor (NYSE:HMC) rose more than 1%, and Nissan Motor (OTCPK:NSANY) was up less than 1% Friday.
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