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- Chinese automobile sales decline for 14th time in 15 months - CPCA
Chinese automobile sales decline for 14th time in 15 months - CPCA
Sales of sedans, sport utility vehicles, minivans and multipurpose vehicles in August fell 9.9% from a year earlier to 1.59 million units, the China Passenger Car Association said.
Automakers reeling from the industry’s longest downturn in three decades continue to face headwinds as the economy slows and trade tensions with the U.S. persist. To help stimulate demand, China has rolled out a series of supportive measures to encourage consumption -- the latest one coming last month, when the government issued guidelines to loosen car-purchase restrictions. But the slide continues, battering carmakers’ earnings.
Separately, Indian car sales tumbled 41% -- the most on record -- in August amid a prolonged slump in that country. In the U.S., which was experiencing its own downturn, automakers posted a much-needed rebound last month -- though deliveries were helped by the inclusion of Labor Day weekend in August.
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