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SAIC chairman: China auto sales to resume growth in Q4
Automotive News China | 2019/5/28

New-vehicle sales in China will start rebounding in the fourth quarter, Chen Hong, chairman of SAIC Motor Corp., predicted at the company¡¯s shareholder meeting last week. 

Three factors will drive demand for new-vehicles in the country, according to Chen.

New-vehicle demand hasn¡¯t come close to reaching a saturation point. At the end of 2018, there were 170 vehicles for every 1,000 people in China. That was lower than the world average of 190 vehicles per 1,000 people and way below the average of 500 to 600 vehicles per 1,000 residents in developed countries. 

The population of the middle class in China is still expanding, a trend that will continue to shore up vehicle demand. 

Vehicle replacement is still growing and consumers in general opt for better products when replacing vehicles. 

Chen expects the downturn in the new-vehicle market to continue in the second and third quarters amid a slowdown in China¡¯s economic growth. 

As a result, annual new-vehicle sales in China will drop 5 percent in 2019, he predicted. 

In the first four months of the year, new-vehicle deliveries slumped 12 percent to roughly 8,353,000. 

Industrywide sales fell in 2018 for the first time in decades.

SAIC, based in Shanghai, is the largest state-owned carmaker in China. While building light vehicles and buses for its proprietary brands, it also runs light vehicle joint ventures with General Motors and Volkswagen Group.

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