Lower forecasts a blow to automakers

FT 08/Oct/15

Lower forecasts a blow to automakers
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Growth down to single-digit figure
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Expected global economic slowdown could significantly depress Chinese car sales for the rest of this year and 2009 sales could be flat, according to industry analysts. The change would be a sharp reversal after several years of double-digit growth in the world's second largest vehicle market.

JD Power cut its forecast for passenger vehicle sales in China in 2008 to 5.8m units from its previous forecast of 5.95m, making a 6.7 per cent increase over 2007. China's car market grew by 24 per cent last year.

For 2009 JD Power expects passenger vehicle demand to increase only modestly to 5.88m units.
CSM recently downgraded its 2008 sales forecast , partly in response to the economic crisis, predicting growth of less than 10%.