The Hindu Business Line
China car sales shrink further, adding to automakers’ woes
China’s automobile deliveries continued to shrink last month, extending the markets historic decline.
“Sales of sedans, sport utility vehicles, minivans and multi-purpose vehicles in July fell 3.9 per cent from a year earlier to 1.53 million units,” said the China Association of Automobile Manufacturers on Monday.
The first car slump in a generation is showing no signs of easing as the Chinese economy faces a slowdown and stricter emissions rules and the trade war weigh on demand. Carmakers that relied on the world’s largest auto market for growth for decades, pouring billions of dollars into the country, are now left questioning future investment decisions.
Retail sales of cars in China fell for the 13th consecutive time in the past 14 months in July, plunging 5.3 per cent, the China Passenger Car Association said.