In 2018 Chinese car market fell first time in 28 years

16.01.2019,12:48


January 16, Fineko/abc.az. Sales of passenger cars in China decreased by 4.1% to 23.79 million by the end of the past year.

China Association of Automobile Manufacturers (C.A.A.M) reports that a negative result was recorded for the first time in 28 years of surveys that is conditioned, in particular, with slowdown in economic growth and trade disputes with the U.S., as well as a 10% rise of tax for purchase of new cars with engine capacity of up to 1.6 litres from 2018.

"Nevertheless, the Chinese car market has been becoming the largest in the world for the 10th year in a row. Volkswagen and its joint ventures increased sales in China by 0.5% up to 4.207 million cars last year.

Sales of passenger cars General Motors decreased by 10% to 3.64 million vehicles. According to the C.A.A.M forecast, in 2019 the Chinese car market may remain at the level of last year – about 23.7 million passenger cars. At the same time, Chinese authorities intend to take measures to stimulate car sales in the country," the Association informed.