Not Just India, China's Auto Sales is on Decline for 14th Month in a Row
Amid slowing economic growth and a crippling trade war with the US, the China Association of Automobile Manufacturers said that the sales decline for August follows 4.3% de-growth in July and 9.6% in June.
A worker moves a MG car for export onto a cargo vessel at a port in Lianyungang, Jiangsu province, China August 4, 2019. Picture taken August 4, 2019. REUTERS/Stringer/Files
Auto sales in China fell for a 14th consecutive month in August, with the number of new energy vehicles (NEVs) sold contracting for the second month in a row, data from the country's biggest auto industry association showed. Total auto sales fell 6.9% from the same month a year earlier, the China Association of Automobile Manufacturers (CAAM) said on Wednesday. That followed declines of 4.3% in July and 9.6% in June, as well as the first annual contraction last year since the 1990s against a backdrop of slowing economic growth and a crippling trade war with the United States.
Sales of new energy vehicles (NEVs) fell 15.8% in August, CAAM said, following a 4.7% fall in July; their first decline since January 2017. NEV sales jumped almost 62% last year even as the broader auto market contracted. NEVs include plug-in hybrids, battery-only electric vehicles and those powered by hydrogen fuel cells. China has been a keen supporter of NEVs and has implemented sales quota requirements for automakers.
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