BMW’s Chinese Sales Jump, Reducing Concerns of Slowdown
Bayerische Motoren Werke AG (BMW)’s car sales in China surged in September, easing investors’ concerns that the world’s biggest automotive market is slowing and sending the manufacturer’s shares to a two-week high.
Deliveries jumped 59 percent to 29,631 BMW- and Mini-brand vehicles last month on demand for the extended version of the 3- Series sedan and the X1 compact sport-utility vehicle, Linda Croissant, a spokeswoman at the Munich-based company, said by telephone. In the first nine months of 2012, BMW’s Chinese sales climbed 34 percent from a year earlier to 237,056 cars.
“This strength has legs to it,” said David Arnold, an auto-industry specialist with Credit Suisse in London. “China’s still a growth market, but the market’s normalizing, which is what we need.”
Volkswagen AG (VOW)’s Audi unit and Daimler AG (DAI)’s Mercedes-Benz, which rank behind BMW in global luxury-car sales, also posted stronger demand in September in China, even as the country’s economy shows signs of cooling. China’s services industry expanded at the slowest rate in more than a year in September, and manufacturing has contracted for 11 consecutive months.
Audi said yesterday that September sales in China advanced 20 percent to 35,512 vehicles. Deliveries by Stuttgart, Germany- based Mercedes totaled 16,806 cars and SUVs in China, a gain of 10 percent.
To contact the reporter on this story: Chris Reiter in Berlin at firstname.lastname@example.org