China's auto sales totaled 4.79 million units in the first three months of 2012, down 3.4 percent year on year, according to data from the China Association of Automobile Manufacturers (CAAM).
Auto output in the first quarter hit 4.78 million units, down 1.83 percent from last year.
The once-booming auto market is losing momentum as domestic demands weaken, and the government rolls back some policy incentives. Meanwhile, retail fuel prices are increasing, pouring cold water on buyers' enthusiasm.
The CAAM expected sales to grow 8 percent this year. "It's too early to revise the estimate, and the market is still likely to see modest growth in 2012," said Dong Yang, Secretary General of the CAAM. |