Chinese automakers losing markets share, sales continue to fallBusiness | 13 Aug 2019 1:45 pm
China's auto sales sank again in July, extending a year long contraction in the industry's biggest global market.
Sales of sedans, SUVs and minivans declined by 3.9 percent from a year earlier to 1.5 million, according to an industry group, the China Association of Automobile Manufacturers.
Sales of electric and hybrid vehicles suffered a rare decline in sales that had risen steadily this year. Purchases fell by 4.7 percent from a year ago to 80,000 units despite government pressure on automakers to promote the technology.
The overall auto market last expanded in June 2018 and has recorded declines every month since then, adding to pressure on Beijing to shore up cooling economic growth.
Auto sales for the seven months through July were off by 12.8 percent from the same period of 2018 at 11.6 million vehicles, CAAM said in its data released late yesterday. SUV sales fell by 11.1 percent and sedan sales were off by 13.4 percent.
Sales by Chinese automakers declined by 13.3 percent to 553,000 vehicles. They lost 3.9 percentage points of market share to 36.2 percent.
Total vehicle sales, including trucks and buses, retreated by 4.3 percent to 1.8 million.