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RESEARCH ALERT-China Aug car sales down 10 pct -Lehman

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Sept 4 - China's passenger car sales fell 10 percent in August from a year earlier, preliminary data showed, as the Olympics and weakening consumer confidence kept buyers from showrooms, Lehman Brothers (NYSE:LEH) said in a research report on Thursday.

That marks a sudden reversal for the Chinese auto market, the world's second-largest and one of the fastest-growing, after a booming economy had spurred monthly growth rates at double-digits for most of the past several years.

Compared with the month before, sales were down 12 percent, the report said, adding that there have only been two months during the past five years that witnessed a year-on-year drop in sales.

China's automakers have yet to release official data for August sales, which are expected over the next week.

Reuters


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