SHANGHAI/BEIJING :China's passenger vehicle sales fell 20 per cent in the first two months of this year, industry data showed on Wednesday, underscoring weak demand in the world's biggest auto market even as some car manufacturers offer reduced prices to revive demand.
Sales in February, 1.42 million units, were 10.4 per cent higher than a year earlier, a low base period when a week-long Lunar New Year holiday reduced business activity, the China Passenger Car Association said.Sales of new energy vehicles , which include pure battery electric cars and plug-in hybrids, grew faster than the overall market, up 61 per cent in February on a year earlier.
The Chinese EV giant started offering its Qin plug-in hybrid sedan at prices starting at 99,800 yuan in February, lower than Volkswagen's Lavida and Nissan's Sylphy, which consume more fuel than the Qin. Tesla accounted for 11.5 per cent of China's battery electric car sales in February, little changed from 11.3 per cent a year before, indicating a waning effect of price cuts it implemented in early January. Its product line is generally older than those of its competitors.
The U.S. automaker exported 40,479 China-made vehicles in February and aims to increase exports and expand into new markets to digest output from its Shanghai factory.
Source: News Formal (newsformal.com)
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