China Outperforms U.S. Again In Feb Auto Sales
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In February, China sold a total of 827,600 vehicles, up 24.72% year on year (y/y) and up 12.43% month on month (m/m), according to the China Association of Automobile Manufacturers (CAAM). Vehicle output increased 23.08% y/y to 807,900 units. Passenger car sales in February rose 24.23% from a year earlier to 607,300 units, the CAAM said.
Last month, the auto sales in the United States stood at 689,000 units, down 41.3% from a year earlier, the biggest fall in six months, according to industry tracker Autodata. That means China exceeded the U.S. again to be the world's largest auto market in February.
The January auto sales in China hit 735,000 units, which surpassed the 656,976 vehicles sold in the U.S. the same month. While car sales also slowed in China, but less dramatically, amid the economic downturn, U.S. sales tumbled 37% in January to a 26-year low.
Passenger cars accounted for more than 73% of the total 827,600 vehicles sold in China in February. And passenger cars with engines under 1.6 liters accounted for 70% of the passenger vehicle market, so the bounce of small-engine cars played a critical role in the revival.
China's February auto sales figure is very impressive. It seems that the new incentives are really having an impact on the market. The policies introduced earlier this year include the scrapping of some road fees and halving of sales taxes on small vehicles.
If China can outpace the U.S. in sales for all of 2009, it may become the world's largest vehicle market this year. However, industry analysts and executives remain cautiously optimistic about the Chinese auto market's outlook.
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