China’s auto sector is conservative with sales forecasting a 2% decline in 2020

UNITED STATES (OBSERVATORY NEWS)

The country’s largest auto maker said on Monday that car makers in the country have to get used to a new normal of “slow growth” in the world’s largest auto market, reaffirming forecasts that sales will fall in 2020 for the third year. Respectively.

The China Automobile Manufacturers Association expects a 2 percent drop in car sales. This comes compared to a decrease of 8.2 percent last year when sales were pressured by new emission standards in a shrinking economy, which also suffers from an exchange of import duties with the United States.

The union also mentioned, confirming its prediction announced last month, that sales were declining in December for the eighteenth month in a row.

Annual sales began to decline in 2018, by 2.8 percent, stopping a growth trend that started in the 1990s.

Sales of cars operating with new energy sources decreased by 27.4 percent in December, which led to a total decline of 4 percent to 1.24 million units in 2019. Sales of these cars jumped in 2018 by 62 percent, but the reduction in subsidies hurt sales last year. .

Ford said on Monday that its sales in China had fallen by more than a quarter in 2019, declining for the third year in a row. But the latest decline is slower than a 37 percent decline in 2018.

Online:

This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

OBSERVATORY — Breaking news source, real-time coverage of the world’s events, life, politics, money, business, finance, economy, markets, war and conflict zones.

Contact us: contact@newsobservatory.com

Stay connected with Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.

Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.

We are OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.

Related Articles