The report by the China Passenger Car Association, a research group, said August passenger car sales totaled 1.02 million and vehicle sales totaled 1.21 million. In the U.S., August vehicle sales totaled 997,465, according to AutoData Corp. Overall, U.S. sales dipped by 21%, reflecting weak comparisons to a month when Cash for Clunkers was in full swing.
China is a different story, as sales continue to grow rapidly. The country's auto sales will likely grow at a double-digit rate to hit a record 10 million units this year, up from 8.7 million in 2009, Dong Yang, vice chairman of the China Association of Automobile Manufacturers said Tuesday, according to a report in The Shanghai Daily.
For the month, sales by GM China and its joint ventures rose 19.2% to 181,625 units. Year-to-date, GM's sales in China total about 1.6 million.Meanwhile, August sales by Ford and its joint ventures in China totaled 44,047 units, up 24% from a year earlier. Year-to-date, sales by Ford and its joint venture partners are up 42% to 368,103. -- Written by Ted Reed in Charlotte, N.C. . >To contact the writer of this article, click here: Ted Reed
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV