China Big 3 gain 48.7% auto market share in '08

Shanghai, February 1 (Gasgoo.com) The latest data from China Association of Automobile Manufacturers (CAAM) show that the top three Chinese automakers by sales in 2008 are SAIC Group, FAW Group and Dongfeng Motor. The China Big Three sold 4.57 million vehicles last year, accounting for 48.7% of the country's auto sales of 2008, compared with 46.9% in 2007, xinhuanet.com reported today.

According to the CAAM data, SAIC Group sold 1,720,650 vehicles last year, up 10.72% year on year (y/y), high above the national average growth of 6.7%. Its subsidiaries SAIC-GM-Wuling and Shanghai VW ranked first in China's mini commercial vehicle sales and second in sedan sales, respectively, in 2008.

FAW Group saw its auto sales hit 1,532,923 units in 2008, up 6.75% y/y, slightly above the national average, and gained sales revenue of 218.4 billion yuan ($32 billion), up 8.8% y/y, creating all-time high in both sales volume and sales revenue. Its subsidiary FAW VW sold 499,000 sedans in 2008, atop China's sedan sales rankings of the year.

Of the three Chinese auto giants, Dongfeng Motor scored the fastest growth last year, during which it sold 1,320,606 vehicles, up 16.12% y/y, more than doubling the national average. Its sales revenue might hit 190 billion yuan, up 15% y/y, fulfilling its 2008 business goal.

Dongfeng Nissan, a joint venture between Dongfeng Motor and Nissan Motor, sold 350,000 vehicles in 2008, up 29.63% from 2007, as the only one company exceeding its sales target of the year among the top 10 China carmakers by sedan sales in 2008.