China’s passenger car sales fell 6% in August, the first decline in more than three years, as the Beijing Olympics and a slumping stock market prompted drivers to delay purchases. Sales may fall short of a forecast 10 million this year as slowing economic growth and a slumping stock market undermine consumers’ purchasing power, according to the China Association of Automobile Manufacturers.
Guangzhou Toyota Motor are Toyota’s local venture, and they will meet their 2008 sales target even as overall industry growth slumps, says Feng Xingya, executive vice president of Guangzhou Toyota.
The company, which almost tripled sales in 2007, targets a 24% increase to 210,000 cars this year.
Guangzhou Toyota’s sales rose 4% in August to 14,000 to rank ninth among Chinese carmakers.
The company had about 4% of China’s car market last year.