Economy

Markets

Industries

Insights

Reports

Events

Chery sales down 8.9% on low demand

By Jiang Wei (chinadaily.com.cn)
Updated: 2008-12-30 10:33

Related readings:  Chery, SAIC cars get five-star ranking in crash tests  Chrysler, China's Chery call off cooperation  Eximbank grants loans to support carmaker Chery's expansion  Chery picking in Malaysia

Chery Automobile Co, China's biggest domestic automaker, said its car sales stood at 320,000 units in the first 11 months of 2008, down 8.9 percent from a year earlier.

The sales volume means the automaker is unlikely to fulfill its 480,000-unit sales target mapped out at the beginning of the year. It planned to sell 300,000 units at home and 180,000 units abroad.

The drop in sales was contributed to the decreasing demand around the global market triggered by the expanding financial crisis.

Due to the weakening demand, most automakers in the country are not able to complete their sales target for 2008.