China car sales stall with biggest drop in seven years
Sales slumped by 11.6% last month, with a sluggish economy and tough pollution crackdown cited as some of the reasons
Beijing —China’s car sales fell the most in nearly seven years in September, stoking concerns the world’s biggest car market could contract for the first time in decades this year amid cooling economic growth and a biting trade war. Vehicle sales slumped by 11.6% to 2.39-million units last month, the third straight decline, the China Association of Automobile Manufacturers (CAAM) said on Friday. It cited a sluggish economy, deleveraging and a tough pollution crackdown as reasons for the steep fall. A stalling of China’s giant automotive sector will be a concern for the country’s leaders in Beijing. It is a major driver of the economy and an important barometer of Chinese consumers’ willingness to open their purse strings. “The automotive industry has been a driver of China’s economic growth for years. Now it is pulling back,” Xu Haidong, CAAM assistant secretary-general, said at a briefing in Beijing. China’s top automotive industry body said its already meagre forecast for full-yea...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.