Manufacturers' group cuts forecast for 2014 sales growth to 5%
China's vehicle sales probably will miss a revised growth forecast for the year as demand slows in the world's second-largest economy, predicts the country's main automotive association.
Dong Yang, secretary general of the state-backed China Association of Automobile Manufacturers, said passenger and commercial vehicle sales this year are likely to rise 5 percent to 23 million units.
In July, the group lowered its projected sales increase to 8 percent, or 23.8 million units, down from the 10 percent increase it had predicted in January.
"There was an obvious slowdown in auto sales in August and September," Dong said in an interview at a forum in Beijing. "We are looking into the exact reasons causing this so I don't want to elaborate on the factors at the moment."
Demand for commercial vehicles has slumped this year as the China's economic growth slackened. The Chinese government has signaled that it would tolerate a weaker expansion pace and refrain from broad stimulus this year, with the country headed for the slowest full-year growth since 1990, based on forecasts by analysts that Bloomberg surveyed.
China last year became the first country to see annual domestic sales surpass 20 million units.
"It looks like China's auto sales this year won't hit 24 million units," Dong said. "It should be no problem for it to reach 23 million units instead."
In July, the group lowered its projected sales increase to 8 percent, or 23.8 million units, down from the 10 percent increase it had predicted in January.
"There was an obvious slowdown in auto sales in August and September," Dong said in an interview at a forum in Beijing. "We are looking into the exact reasons causing this so I don't want to elaborate on the factors at the moment."
Demand for commercial vehicles has slumped this year as the China's economic growth slackened. The Chinese government has signaled that it would tolerate a weaker expansion pace and refrain from broad stimulus this year, with the country headed for the slowest full-year growth since 1990, based on forecasts by analysts that Bloomberg surveyed.
China last year became the first country to see annual domestic sales surpass 20 million units.
"It looks like China's auto sales this year won't hit 24 million units," Dong said. "It should be no problem for it to reach 23 million units instead."
