China’s decade-long upward car market trend abruptly reversed 10 months ago and has shown no signs of easing, said Bloomberg.
Retail sales of sedans, sport utility vehicles, minivans and multipurpose vehicles continued their plunge in March, dropping 12% to 1.78 million units, reported the China Passenger Car Association. That follows an 18.5% drop in February and a 4% decline in January.
Auto was the only consumer-product category in China that shrank in the first two months of 2019, said Cui Dongshu, secretary general of the auto group.