China's auto prices drop slightly m/m in Oct

Shanghai, November 20 (Gasgoo.com) As the auto production and sales slowed down amid the global financial crisis, the prices of vehicles in the Chinese market dropped slightly in October from the previous month, said xinhuanet.com today, citing the price monitoring data from the country's top economic planner.

China's National Development and Reform Commission (NDRC) has recently released the results of last month's auto price monitoring it conducted in 36 Chinese cities. The data show that in October the prices of homegrown vehicles fell by 1.86% month on month (m/m), but up 0.45% year on year (y/y), with the passenger vehicle prices down 0.8% m/m and 0.27% y/y. Commercial vehicle prices had turned from rise in September to fall in October.

The growth rate of homegrown auto prices fell to less than half a percent year-on-year in October. Meanwhile, prices for auto imports fell in October by 1.86% from the previous month, but rose by 5.1% from one year ago, with prices of imported sedans and SUVs down 2.35% and 1.18% m/m. The price rise of imported cars in September caused by the sales tax hike was reversed last month to normal.

The NDRC said the gloomy global auto markets have dragged down auto sales volumes and prices in emerging markets including China. Dwindling overseas demands have also stoked competition among Chinese automakers.

The top economic planner in China predicts that auto prices will continue to go down amid the global depression.