Automakers Fall as Beijing Plans to Limit Traffic
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SAIC Motor Corp., China’s largest automaker, fell the most in two weeks in Shanghai trading after the city of Beijing decided to limit the number of new passenger cars in the nation’s capital to ease congestion on the roads.
SAIC Motor declined as much as 3.1 percent, the biggest intraday drop since Dec. 9, and was 1.8 percent lower at 15.72 yuan as of the 11:30 a.m. trading break. Chongqing Changan Automobile Co. lost 3.3 percent to 6.75 yuan in Shenzhen while Dongfeng Motor Group Co. plunged 7.9 percent to HK$13.08 as of the 12:30 p.m. break in Hong Kong, poised for its biggest fall since January 2009. Brilliance China Automotive Holdings Ltd. also fell as much as 8.9 percent.