April 9, 2010 (Chinavestor) The China Association of Automobile Manufacturers released the latest production and sales figures on its website. Passenger car sales rose to 1.2 million in March 2010, representing an increase of +63% from March 2008. Total automobile production in March 2010 hit a record 1,734,400 units, representing a growth of +43.79%. Passenger cap production grew to 1,299 million units, up 72.2% from 2008 March. Commercial vehicle production reached 434 900 units, up 25.99% YoY.
March has been a traditionally strong month for car sales, current growth trend is likely to tame going forward.
SAIC Motor (SHA:600104), the largest Chinese auto maker, sold 890,000 cars in the first three months of 2010. The company reported a strong rebound of net profits from last year as the following chart testifies.
General Motors, the largest U.S. car manufacturer, sold 230.048 units in China in March, more than in the U.S. Hyunday, the fastest growing foreign manufacturer, sold 61,638 cars in March. Toyota, the world's largest car manufacturer, sold 61,200 cars in March.
From January to March, total vehicle sales were 4,554 million while production reached 4,611 million, up +76.99 percent and +71.78 percent, respectively. Passenger car sales were 3,462,300 units and production was 3,523,900 units, representing an increase of +84.34% and +76.34%, respectively. Commercial vehicle sales were 1,092 million with production of 1,087 million, up by +57.14% and +58.50%, respectively.