Great Wall Motor Co., China’s largest SUV maker, fell in Hong Kong trading after sales declined for the first time in 10 months, raising concern that demand is faltering for local automakers in the world’s largest market.
The shares fell 3.6 percent to HK$24.10 at 9:46 a.m., headed for the lowest close since December 2012. Deliveries fell 1.7 percent to 47,445 units in July, even after the company offered discounts, according to a company filing to the Hong Kong stock exchange on Thursday. Sales for its most popular model, the H6 sport utility vehicle, dropped 13 percent.
The slump signals that Chinese automakers, which have gained market share from foreign brands this year by offering cheaper SUVs, may also succumb to the waning demand reported by foreign automakers such as General Motors Co., which has sent industrywide sales to their first decline in June in more than two years.
Sales are still up 17 percent for the first seven months for Great Wall, which sold a total of 462,784 units. The company’s Shanghai-traded shares rose 1 percent.
— With assistance by Tian Ying