China's annual auto sales fall by 9pc

Business | 13 Jan 2020 5:31 pm

China's auto sales fell for a second year in 2019 as a trade war with Washington and an economic slowdown fueled consumer anxiety and demand for electric vehicles weakened, an industry group reported today.
Sales in the industry's biggest global market declined by 9.6 percent from 2018 levels to 21.4 million sedans, SUVs and minivans, according to the China Association of Automobile Manufacturers.

After two decades of explosive growth, China suffered its first annual decline in auto sales in 2018.

Sales in December were off by 0.1 percent from a year earlier, CAAM said. That would be an improvement over double-digit declines in previous months. The group gave no December sales total, but based on other data given it would be about 2.2 million vehicles.
Sales of electric and gasoline-electric hybrid sedans and SUVs in 2019 sank by 4 percent over a year earlier to 1.2 million.

That would still make China the technology's biggest market by far, accounting for at least half of global purchases.
Monthly sales of electric vehicles grew by double digits in early 2019 but plunged after Beijing ended government subsidies to buyers in July.-AP


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