Xinhua. Passenger car sales in China fell 10.28% to 522,800 units in November compared to the same month last year, according to figures from the China Association of Automobile Manufacturers.
Sales of sedans dropped 10.94% to 389,600 units; sales of multi-purpose vehicles dropped 29.94% to 14,400 units; and sales of SUVs dropped 3.62% to 35,000 units.
A weak consumer confidence in a slowing economy and the plunge in asset prices have hit vehicles sales, said analysts. The annual economic growth pace could slow to closer to 7 percent in the fourth quarter, down from 9 percent in the previous quarter, Merrill Lynch said early the week.
Passenger car sales from January to November were 6.16 million units, up 8.87% from the same period in 2007. Faw Volkswagen, Shanghai Volkswagen, and Shanghai General Motors were the top three sellers.