Auto industry growth set to slow
China’s automotive industry is shifting from superfast expansion to slow growth, after the country’s car market reached an immense scale in production and sales volume, the nation’s top industry regulator said.
“The recent slow expansion in car sales was chiefly because more than 29.4 million automobiles were sold in China in 2017. It would be very difficult to continue robust momentum on the basis of such a big number,” said Xin Guobin, vice-minister of industry and information technology.
He made the comments after the growth rate of China’s auto sales stood at 1.5 percent yearon-year in the first three quarters of 2018. The weak rate triggers questions about whether China’s automotive industry is entering a cold winter, despite the fact that more than 20 million cars were sold in the nation over that period.
In the first three quarters of this year, the production and sales volume of new energy vehicles reached 735,000 and 721,000 in China, marking a year-on-year increase of 73 percent and 81 percent, respectively.