Prices of Chinese-made Vehicles down 2.78% on Gov't Cutback

The price of domestically-made vehicles in China in May decreased 2.78 percent compared to the same period a year earlier, according to figures revealed Thursday by the price monitoring center under the National Development and Reform Commission.

The survey, covering 36 big- and medium-scale cities nationwide, showed the price of the average domestically-made passenger car and commercial vehicle fell 2.26 percent and 3.82 percent, respectively, year on year.

Experts from the center said the price of domestically-made vehicles had dropped steadily since April. The decrease in May was partly due to government's decision to cut car purchases after the May 12 earthquake and a decline in demand.

The output and sales of domestic automobiles in China were both expected to exceed 5 million units in the first half of this year, the China Association of Automobile Manufacturers said on Monday, higher than its prediction.

The output and sales of domestic automobile in China came to 4.355 million and 4.3371 million units, respectively, in the first five months, up 17.05 percent and 18.91 percent year on year.

Import vehicle prices rose 0.84 percent year on year and fell 1.95 percent month on month.

Source: CRIEnglish