Local brands sold one million vehicles in Jan-Oct; both market share and profits decline

Shanghai. November 19 (Gasgoo.com) – In the first ten months this year, Chinese local brand cars sold 1.033 million vehicles, which represent 27 percent of Chinese market. However, major Chinese local brand automakers saw sharp decline in October sales, and their market share dropped to 26 percent in October, state media Xinhua News Agency reported today.

 

In the first ten months this year, Chery sold 327,103 vehicles, up 39.9 percent from one year earlier. However Chery’s most best selling model QQ, sold 10,000 units in October, down from 14,000 units from a month earlier. Chery’s another model, A1 sold 1000 units in October, down from 2434 units in September.

 

In the first three quarter this year, Tianjing FAW-Xiali posted a more than 50 percent drop in net profits compared to the corresponding period last year. While, Changhe posted a 40 percent net profit drop in the first half year report.