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Auto Sales in China to Shrink by 10% YoY in 2019

Auto News - Published on Wed, 04 Dec 2019

Image Source: Auto Sale China
China Association of Automobile Manufacturers deputy secretary general Mr Yao Jie expects China’s automobile sales in 2019 to decline around 10% amid the downturn trend since July 2018. China’s auto market recorded its first-time sales downturn in nearly thirty years in 2018 with 28.08 million units sold. The association estimated in early 2019 the annual auto sales at 28.10 million units, basically flat to the 2018 level. However, as of this October, the world biggest auto market saw year-on-year sales fall for 16 consecutive months. According to CAAM, in the first ten months of 2019, the sales slid 9.7% year on year to 20.65 million units.

Many other auto markets around the world have also posted decrease in sales. The International Organization of Motor Vehicle Manufacturers forecasted a global auto sales drop of roughly 3.10 million units in 2019. To alleviate the market pressure, a number of mainstream automakers have been taking measures, such as reducing operating costs and fixed asset investment and developing electrification and digitization for a long-term development.

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Posted By : Arun Huidrom on Wed, 04 Dec 2019
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