China auto sales down 8.2% in 2019

UNITED STATES (OBSERVATORY NEWS)

Car sales in China in December fell for the 18th consecutive month, according to data from the China Automobile Manufacturers Association (CAAM).

At the end of 2019, sales fell by 8.2%, a decrease recorded for the second year in a row.

In 2018, car sales in the country declined for the first time since the 1990s.

CAAM also said it expects a 2% drop in car sales in 2020, confirming its forecast presented last month.

The largest car market in the world was affected by the slowdown in China’s economic growth, as well as the effects of a trade war between Beijing and Washington.

In addition, sales figures were reflected in the fact that in some Chinese provinces new emission standards were introduced earlier than expected, which increased the uncertainty for automakers.

Total car sales in China last month fell 0.1% year on year.

Sales of new energy vehicles (NEV) in the country last month fell by 27.4%. At the end of 2019, NEV sales decreased by 4% to 1.24 million units.

After several years of rapid growth in the sector, the Chinese government decided to reduce subsidies for the purchase of vehicles using new energy sources. The impact was painful. NEV sales in China began to decline after they jumped nearly 62% in 2018.

NEV sales in 2020 are likely to “remain at the same level or increase slightly” compared to last year, said the Assistant Secretary General CAAM Xu Haidong.

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