Car sales in China declined again in November, extending a historic slump and all but ensuring a second straight annual drop for the world’s biggest auto market, reported Caixin.
Sales of sedans, sport utility vehicles, minivans and multipurpose vehicles fell 4.2% from a year earlier to 1.97 million units, the China Passenger Car Association said on Monday. The decline was the 17th in the past 18 months, with the only increase coming last June as dealers offered large discounts to clear inventory.
The Chinese market shrank last year for the first time in decades, leaving automakers with few growth regions as sales also waned in Europe and the US. The industry is suffering globally as trade tensions and tariffs raise costs, just as competition from ride-hailing and car-sharing services reduce the need for individual car ownership. In China, a reduction in government subsidies for the electric-vehicle sector has also contributed to a more recent pullback.