SAIC Motor, Chinese carmakers decline after Beijing plans to limit cars

SAIC Motor Corp., FAW Car Co. and Chongqing Changan Automobile Co. fell in pre-market trading in Shanghai and Shenzhen after the city of Beijing introduced measures to ease congested roads.

SAIC dropped 1.2 percent to 15.81 yuan in Shanghai, while FAW Car fell 0.4 percent to 16.70 yuan and Changan lost 0.3 percent to 10.30 yuan in Shenzhen.

Beijing, ranked as having the world’s worst traffic, will limit the number of new passenger vehicles in the Chinese capital to ease congested roads.

The government will issue a quota of 240,000 new vehicle license places through a lottery system next year, with about 88 percent allocated to individual buyers, according to a statement released yesterday.