Vehicles sales in China, the world’s largest auto market, fell 14.6% in April year-on-year, marking the 10th consecutive month of decline, said Reuters.
Sales fell to 1.98 million vehicles, said the China Association of Automobile Manufacturers (CAAM). That followed declines of 5.2% in March and 14% in February, as well as the first annual contraction last year since the 1990s.
Automakers have been lowering prices in China after the government introduced tax cuts to spur consumer spending. CAAM officials said customers were nevertheless holding off purchases in the hopes of more favorable policies, hurting sales.