Chinese car market slumps by 18% in January


February 20, Fineko/abc.az. Sales of passenger cars in China decreased by 18% to 2.02 million cars by the end of January.

The China Association of Automobile Manufacturers (C.A.A.M) reports that the negative dynamics has been recorded for the seventh consecutive month against the background of economic growth slowdown.

At the same time, the January’s drop in demand became the largest for this period, despite the fact that dealers offered discounts on the eve of the New Year celebration on the lunar calendar. Volkswagen and its joint ventures reduced sales in China last month by 2.9% to 387,300 cars.

Thus, the German automaker remains the market leader in China. 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 aimed at stimulating car sales in the country.