China’s car market down 8% in AugustSeptember 20, 2019
Sales of passenger cars in China by the results of August decreased by 7.7% and amounted to 1,663,000 units. According to the China Association of Automobile Manufacturers (CAAM), negative dynamics are recorded for 14 consecutive months due to inhibition of economic growth and trade disputes with America.
Over the past 8 months, the Chinese market has dropped 12.3% to 13,322,000 cars, while maintaining the status of the largest in the world.
Volkswagen and its joint factories in August increased sales in China by 3.2% to 341,100 cars. Thus, the German automaker retains its leading position in the Chinese market. At the same time, the sales volume of new GM cars in the Chinese car market decreased by 14% and amounted to 260,770 units.
According to the CAAM forecast, this year the PRC market may shrink by about 5% compared to 2018, when 23,790,000 cars were sold. At the same time, the Chinese government is going to take measures to stimulate car sales in the country.
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