China’s auto sales contraction worsens in February
Posted March 13, 2019 10:27 pm.
This article is more than 5 years old.
BEIJING — The downturn in China’s auto market worsened in January and February as sales plunged 17.5 per cent from a year earlier.
An industry group, the China Association of Auto Manufacturers, says customers in the industry’s biggest global market bought 3.2 million SUVs, minivans and sedans in the first two months of the year.
Auto demand has weakened as Chinese economic growth cooled and a tariff fight with Washington prompted jittery buyers to put off purchases.
The slump is squeezing revenue for global and Chinese automakers that are spending heavily to meet government targets to develop electric vehicles.
Last year’s passenger vehicle sales suffered their first decline in nearly three decades. Purchases fell 4.1 per cent from 2017 year to 23.7 million.
The Associated Press
