China's automobile sales fell 13.8 percent in February from the same month ...
BEIJING - China’s automobile sales fell 13.8 percent in February from the same month a year earlier, the country’s biggest auto industry association said on Monday, marking the eighth consecutive month of decline in the world’s largest auto market.
The China Association of Automobile Manufacturers said sales fell to 1.48 million vehicles last month, after declines of 16 percent in January and 13 percent in December. “The trend experienced last year has continued into this year, and the economic situation has also been weak. This has dragged down consumption,” CAAM’s Deputy Secretary General Shi Jianhua told reporters at a news briefing in Beijing.China plans billions of dollars in tax cuts and infrastructure spending to support an economy growing at its slowest pace in almost 30 years due to softer domestic demand and a trade war with the United States.
The major task for dealers in the first half of 2019 is to reduce vehicle inventories amid rising funding pressures, said Chen Shihua, CAAM’s assistant secretary general.
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