China auto group cuts 2019 sales forecast by 5%

China’s Association of Automobile Manufacturers (CAAM), China’s biggest auto industry association, has cut its sales forecast for 2019 due to slowing economic growth, and now expects sales to fall for the second year running, said Reuters.

 CAAM said on Thursday it expected auto sales to fall 5% year-on-year to 26.68 million vehicles this year. That compares with its previous forecast for zero growth and last year’s decline of 2.8%.

 Sales of new energy vehicles are still expected to increase but at a slower pace, to 1.5 million, down from previous forecast of 1.6 million, CAAM said.