Chery Automobile Co, a fast-growing Chinese car maker, posted a rare decline in annual sales in 2008 as a downturn in the economy hit consumer spending.
Chery sold 356,000 vehicles last year, down 6.56 percent from the previous year, and way off its sales target of 480,000 units for that year, according official data provided by the company.


Its exports, mostly to emerging markets in South America, the Middle East and Russia, also took a hit amid an unfolding global financial turmoil.


Overseas sales fell to 135,000 cars last year, from around 180,000 in 2007, during which it recorded a 132 percent jump in vehicle exports.


Still, Chery leads other self-developed car brands and ranks number 5 in sales after the China ventures of General Motors, Volkswagen AG and Toyota Motor Corp, it said in a statement.


Sales of GM's car venture with SAIC Motor Corp fell 7.03 percent to 445,709 units last year, according to company data. Volkswagen and Toyota have yet to release their China sales figures.


After years of double-digit growth, China in 2008 posted a rare monthly decline in cars sales as of the end of November as consumer confidence waned amid a series of natural disasters and a slowing economy.


To lure buyers back to the showroom, Chery, the maker of China's best-selling subcompact sedan QQ, said it will launch more than 10 new models this year. 

Chery is among a growing rank of Chinese automakers, hoping to emulate the global success of some of its Asian rivals.


It has 9 assembly plants outside China and is preparing to build its 10th facility overseas, the statement added.