New car sales in China not expected to recover 14th consecutive month of September 11th, 23:37
Sales of new cars in China last month fell for the 14th consecutive month. In particular, electric vehicles, etc., are 15% lower than last year due to the significant reduction in subsidies, and the new car market in China cannot be expected to recover further.
According to the announcement by the China Automobile Manufacturers Association, which is made by automakers, the number of new cars sold in China last month was 1958,000 units, a decrease of 6.9% from the same month last year. This is the 14th consecutive month of decline in new vehicle sales, and the rate of decline has increased 2.6 points from the previous month.
Sales of new energy vehicles such as electric vehicles and plug-in hybrid vehicles were 85,000 units, a significant decrease of 15.8% from the same month last year. Sales of new energy vehicles began to decline in July as the Chinese government drastically reduced subsidies for purchase, and the decline was greatly expanded last month.
As the decline in new energy vehicles, which has continued to grow by double digits, has increased, the new car market in China, which continues to shrink, cannot be expected to recover further.