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Chinese vehicle sales tumble in February 2018 - CAAM

Auto News - Published on Tue, 13 Mar 2018

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Reuters reported that China's vehicles sales in February fell 11.1 percent from a year earlier to 1.72 million vehicles, an industry body said on Friday, as growth in the world's largest auto market reversed after a rapid start to the year. The steep drop, impacted by the timing of the week-long Chinese New Year holiday which was in February this year but January in 2017, comes after vehicle sales rose 11.6 percent in the first month of the year, the fastest in 11 months.

The February drop marked the end of an eight-month rising streak for China's autos market, even if growth has generally been tepid since the second-half of last year. China vehicle sales for the first two months of the year combined were up 1.7 percent at 4.53 million.

The China Association of Automobile Manufacturers (CAAM), which has predicted 3 percent market growth this year, said it was hard to determine full-year growth. Sales rose 3 percent last year, sharply down from a 13.7 percent gain in 2016.

Li Shaohua, CAAM assistant secretary general, told a press briefing in Beijing, "Regarding the annual sales target, whether it is 3 or 1 or 5 percent, whether it's from CAAM or an industry forecast, it's not numerically important. It's too early to determine the full-year picture based on the January-February trend."

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Posted By : Rabi Wangkhem on Tue, 13 Mar 2018
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