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- China car sales keep falling as peak season fails to deliver - CPCA
China car sales keep falling as peak season fails to deliver - CPCA
China’s car-market gloom continued in October as the traditional post-holiday demand peak failed to materialize, leaving automakers with few easy answers to attract buyers back to showrooms.
Sales of sedans, sport utility vehicles, minivans and multipurpose vehicles dropped 6% from a year earlier to 1.87 million units, the China Passenger Car Association said. The decline was the 16th in the past 17 months, with the only increase coming this June as dealers offered large discounts to clear inventory.
The period known as “Golden September, Silver October” is typically strong for carmakers as consumers like to make big-ticket purchases during the harvest season. Not this year though, underscoring the depth of the historic slump the car industry is mired in.
Demand in the world’s biggest car market has been hurt by a slowing economy that’s made consumers curb spending. Measures by the government to boost consumption have yet to help, leaving automakers’ profitability challenged and prompting industry insiders to predict mergers and market exits.
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