HONG KONG -- Denway Motors Ltd., which makes cars through a Chinese joint venture with Japan's Honda Motor Co., said on Wednesday its Guangzhou venture sold 189,258 vehicles in the first 10 months of the year, up 22.5 percent from the previous year.
In October its 50 percent-owned Guangzhou Honda Automobile Co. Ltd. sold 16,837 vehicles, down from about 23,140 units in September due to China's 8-day long golden week holiday early in the month, said Zeng Qing Hong, a director of Denway.
"But now, we need to work overtime everyday," Zeng, who is also the executive vice president of Guangzhou Honda, said following a shareholders meeting.
Denway has set a sales target of 230,000 vehicles this year.
Zhang Fang You, the chairman of Hong Kong-listed Denway, said he expects China's car market will have a better year next year as the overall economy continues to grow.
"After the mass price adjustments in the past few years, the market has become more rational, especially for car manufacturers, they are more rational in pricing now," he said, referring to industry-wide price cuts.
Zhang said cars with smaller engines such as Guangzhou Honda's Fit model will see better sales next year.
Guangzhou Honda expects to sell about 115,000 lower-cost Fits this year, accounting for about half of its unit sales target.
The venture also makes Honda Accords and Odyssey minivans.