Thanks to foreign automaker increases, who continue to eat up the share held by local brands, last month sale sin the world’s largest automotive market went up by 13%.
The retail deliveries of cars, multipurpose and sport utility vehicles, buoyed by advances at general motors and Ford, reached 1.5 million vehicles in May, according to he Passenger Car Association.
“China’s car demand has been rising steadily this year with foreign brands leading the growth,” said Harry Chen, an automotive analyst. “Both local and foreign automakers are trying to gain more market share as consumers advance their purchases on concern their city may cap the growth in vehicle ownership.”
China is the biggest single car market and the world’s second biggest overall economy – the place to be for all foreign global brands, which have all stepped up investment spending in the Asian country to tap the growing demand.
General Motors managed to increase last month sales by 9.2% thanks to growth across its international brands – Buick went up 15%, Chevrolet grew 13% and Cadillac jumped 59%. Ford, a latecomer to the market but among the most efficient foreign automaker, posted a great rise last month, jumping deliveries 32%. The traditional Asian brands – Toyota and Nissan both grew around 3%, while Honda managed a more positive outcome, increasing sales by 10%.