Chinese car sales surpass US market  

Posted by Big Gav

The China Daily reports that China is now likely the world's largest market for new cars, partly due to the government stimulus program pushing buyers to new, energy efficient vehicles - Auto sales 'surpassed US in Jan'.

China may have surpassed the United States to become the world's largest auto market based on monthly sales in January, according to analysts and forecasts. General Motors, the leading US automaker, estimates that China sold about 790,000 vehicles last month.

While car sales in China have slowed lately, they haven't plummeted like in the US, where January sales tumbled 37 percent from a year ago to 656,976 vehicles - a 26-year low. "This is the first time in history that China has passed the United States in monthly sales," Mike DiGiovanni, General Motors' executive director of global markets and industry analysis, said in a conference call late Tuesday.

DiGiovanni projects that Chinese auto sales could hit 10.7 million vehicles this year, nearly a million units more than his estimate of 9.8 million unit sales in the US for the same period.

The official Chinese car sales figures are yet to be published, but analysts say the GM estimate is close to de facto sales. "Although it is too early to conclude based on the monthly figure that China has become the world's largest auto market, it is definitely the world's only major auto market with strong potential," said Yale Zhang, a Shanghai-based auto analyst.

China outpaced Japan to become the world's No 2 vehicle market in 2006. Although auto sales have slowed in recent months, analysts say China has great growth potential in the long term given strong domestic demand and recent government policies.

The government passed a stimulus package for the auto sector last month, reducing the purchase tax on vehicles with an engine capacity of less than 1.6 liters by half to 5 percent. It is also spending 5 billion yuan ($730 million) on subsidies to farmers replacing three-wheeled vehicles or outdated trucks with small, 1.3-liter or less, vehicles.

The push is to promote more energy efficient vehicles while improving the competitiveness of the country's highly fragmented auto industry. About 10 billion yuan is going into upgrading automakers' technology and developing alternative energy vehicles.

0 comments

Post a Comment

Statistics

Locations of visitors to this page

blogspot visitor
Stat Counter

Total Pageviews

Ads

Books

Followers

Blog Archive

Labels

australia (619) global warming (423) solar power (397) peak oil (355) renewable energy (302) electric vehicles (250) wind power (194) ocean energy (165) csp (159) solar thermal power (145) geothermal energy (144) energy storage (142) smart grids (140) oil (139) solar pv (138) tidal power (137) coal seam gas (131) nuclear power (129) china (120) lng (117) iraq (113) geothermal power (112) green buildings (111) natural gas (110) agriculture (92) oil price (80) biofuel (78) wave power (73) smart meters (72) coal (70) uk (69) electricity grid (67) energy efficiency (64) google (58) bicycle (51) internet (51) surveillance (50) big brother (49) shale gas (49) food prices (48) tesla (46) thin film solar (42) biomimicry (40) canada (40) scotland (38) ocean power (37) politics (37) shale oil (37) new zealand (35) air transport (34) algae (34) water (34) arctic ice (33) concentrating solar power (33) saudi arabia (33) queensland (32) california (31) credit crunch (31) bioplastic (30) offshore wind power (30) population (30) cogeneration (28) geoengineering (28) batteries (26) drought (26) resource wars (26) woodside (26) bruce sterling (25) censorship (25) cleantech (25) ctl (23) limits to growth (23) carbon tax (22) economics (22) exxon (22) lithium (22) buckminster fuller (21) distributed manufacturing (21) iraq oil law (21) coal to liquids (20) indonesia (20) origin energy (20) brightsource (19) rail transport (19) ultracapacitor (19) santos (18) ausra (17) collapse (17) electric bikes (17) michael klare (17) atlantis (16) cellulosic ethanol (16) iceland (16) lithium ion batteries (16) mapping (16) ucg (16) bees (15) concentrating solar thermal power (15) ethanol (15) geodynamics (15) psychology (15) al gore (14) brazil (14) bucky fuller (14) carbon emissions (14) fertiliser (14) matthew simmons (14) ambient energy (13) biodiesel (13) cities (13) investment (13) kenya (13) public transport (13) big oil (12) biochar (12) chile (12) desertec (12) internet of things (12) otec (12) texas (12) victoria (12) antarctica (11) cradle to cradle (11) energy policy (11) hybrid car (11) terra preta (11) tinfoil (11) toyota (11) amory lovins (10) fabber (10) gazprom (10) goldman sachs (10) gtl (10) severn estuary (10) volt (10) afghanistan (9) alaska (9) biomass (9) carbon trading (9) distributed generation (9) esolar (9) four day week (9) fuel cells (9) jeremy leggett (9) methane hydrates (9) pge (9) sweden (9) arrow energy (8) bolivia (8) eroei (8) fish (8) floating offshore wind power (8) guerilla gardening (8) linc energy (8) methane (8) nanosolar (8) natural gas pipelines (8) pentland firth (8) relocalisation (8) saul griffith (8) stirling engine (8) us elections (8) western australia (8) airborne wind turbines (7) bloom energy (7) boeing (7) chp (7) climategate (7) copenhagen (7) scenario planning (7) vinod khosla (7) apocaphilia (6) ceramic fuel cells (6) cigs (6) futurism (6) jatropha (6) local currencies (6) nigeria (6) ocean acidification (6) somalia (6) t boone pickens (6) space based solar power (5) varanus island (5) garbage (4) global energy grid (4) kevin kelly (4) low temperature geothermal power (4) oled (4) tim flannery (4) v2g (4) club of rome (3) norman borlaug (2) peak oil portfolio (1)