Chinese automaker BYD Co. missed its 2010 sales goal by more than 80,000 cars, despite slashing the target by a quarter in August.
The automaker, backed by U.S. investment mogul Warren Buffett, sold 519,806 cars last year, 16 percent more than a year earlier, BYD said in a statement today. The figure is 13 percent short of the 600,000 unit target set in August by the Shenzhen-based company, which did not give a reason for missing the goal.
China's auto sales growth remained strong in the first half of 2010 after the nation overtook the U.S. to become the world's biggest auto market in the previous year. But the growth rate slowed as the government began to roll back stimulus measures encouraging car purchases, which led BYD to cut its original 2010 sales target of 800,000 cars in August by 25 percent to 600,000.
BYD's sales growth also lagged behind that of the overall market last year. The company's business improved in December, with sales up 25 percent from November at 51,300 cars, as consumers in Beijing flocked to dealers before new rules took effect in January to limit new car purchases in the capital.
The Beijing municipal government said in December it would limit the number of new car and minivan license plates to 240,000 this year, just a third of the 2010 issuance, among other measures, to help ease Beijing's worsening traffic congestion.
Chinese automakers face a challenge from foreign car companies, including GM and Volkswagen AG, as rising incomes prompt shoppers to buy more expensive foreign models.
By People's Daily Online
The automaker, backed by U.S. investment mogul Warren Buffett, sold 519,806 cars last year, 16 percent more than a year earlier, BYD said in a statement today. The figure is 13 percent short of the 600,000 unit target set in August by the Shenzhen-based company, which did not give a reason for missing the goal.
China's auto sales growth remained strong in the first half of 2010 after the nation overtook the U.S. to become the world's biggest auto market in the previous year. But the growth rate slowed as the government began to roll back stimulus measures encouraging car purchases, which led BYD to cut its original 2010 sales target of 800,000 cars in August by 25 percent to 600,000.
BYD's sales growth also lagged behind that of the overall market last year. The company's business improved in December, with sales up 25 percent from November at 51,300 cars, as consumers in Beijing flocked to dealers before new rules took effect in January to limit new car purchases in the capital.
The Beijing municipal government said in December it would limit the number of new car and minivan license plates to 240,000 this year, just a third of the 2010 issuance, among other measures, to help ease Beijing's worsening traffic congestion.
Chinese automakers face a challenge from foreign car companies, including GM and Volkswagen AG, as rising incomes prompt shoppers to buy more expensive foreign models.
By People's Daily Online
