Car sales in China help GM and Ford

While US vehicle sales slumped in August, sales grew in China.

By TheStreet Staff Sep 7, 2010 12:23PM

Car wheel © Brand X / SuperStockBy Ted Reed, TheStreet

 

A new report says passenger car sales in China rose 18% in August, boosting both General Motors and Ford (F).

 

The report, by the China Passenger Car Association, a research group, said August passenger car sales totaled 1.02 million and vehicle sales totaled 1.21 million.

 

In the U.S., August vehicle sales totaled 997,465, according to AutoData Corp. Overall, U.S. sales dipped by 21%, reflecting weak comparisons with a month when Cash for Clunkers was in full swing.


China is a different story, as sales continue to grow rapidly. The country's auto sales will likely grow at a double-digit rate to hit a record 10 million units this year, up from 8.7 million in 2009, Dong Yang, vice chairman of the China Association of Automobile Manufacturers, said Tuesday, according to a report in The Shanghai Daily.

 

For the month, sales by GM China and its joint ventures rose 19.2% to 181,625 units. Year to date, GM's sales in China total about 1.6 million.

 

Meanwhile, year-to-date sales by Ford and its joint ventures in China totaled 44,047 units, up 24% from a year earlier. Year to date, sales by Ford and its joint-venture partners are up 42% to 368,103.

 

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