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China’s auto sales extend 14M-declining streak in August

China’s auto sales extend 14M-declining streak in August

Mubasher: Car sales in China extended their drop for the 14th month running, as the total of sold new energy vehicles (NEVs) slipped once again, according to auto sector group.

Total auto sales slumped by 6.9% year-on-year last August, China’s leading car industry association China Association of Automobile Manufacturers (CAAM) said on Wednesday.

This came after falls of 4.3% in July and 9.6% June, while auto sales plunged last year for the first time since 1990s amid a sluggish economic growth and bitter trade conflict with the US.

NEV sales, which include plug-in hybrids, battery-only vehicles and hydrogen fuel cell-powered cars, stumbled by 15.8% last month, after recording a 4.7% drop in July, the biggest since January 2017.

Last year, the total number of sold NEVs climbed by around 62%, although the broader market shrank.

On a side note, the China Passenger Car Association (CPCA), another industry group, reported on Monday that sales of sedans, sport utility vehicles (SUVs) and minivans, continued to fall, with the latest drop of 9.9% year-on-year last August.

Moreover, sales of new energy passenger vehicles plunged by 15.5%.