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China's January auto prices rise 0.77% m/m, but drop 4% y/y
Shanghai. February 19 (Gasgoo.com) - China's automobile price in January edged up 0.77 percent month-on-month but it dropped 4 percent year-on-year, Xinhua News Agency reported today.
Prices of passenger vehicles in January went up 1.99 percent from the previous month, with prices of sedans and sport utility vehicles (SUVs) up 5.37 percent and 2.14 percent month-on-month respectively; prices of mini-bus declined 8 percent month-on-month and imported automobile prices dropped 0.59 percent month-on-month.
Experts from the Auto Price Monitoring Center under National Development and Reform Commission cited two factors for the moderate price hike: inadequate supply caused by weather-related transportation disruptions and a buying spree ahead of China’s Spring Festival, which falls on early February.
A study report released by NDRC last week says China's automobile price will decline as much as 5 percent this year, citing strong supply, weakened market demand and growing competition in automobile industry.
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