China’s auto sales continue downward trend in April

On the bright side, the sales of new energy vehicles have risen by 18.1% in April.

In a significant development, vehicle sales in China fell by 14.6% in April, in comparison to the same month a year earlier, in what is the 10th consecutive month of decline, said China’s biggest auto industry association.

Vehicle sales in China have fallen to 1.98 million vehicles, said the China Association of Automobile Manufacturers (CAAM).

This follows declines of 5.2% in March and 14% in February.

Automakers have been lowering prices in China after the government introduced tax cuts to spur consumer spending. However, sales of new energy vehicles (NEV) have remained a bright spot, and have risen to 18.1% in April to 97,000 vehicles, said CAAM.

NEV sales jumped by almost 62% in 2018 even as the broader auto market contracted.

NEVs include petrol-electric hybrids vehicles, plug-in hybrids, battery-only electric vehicles and those powered by hydrogen fuel cells. China has been a keen supporter of NEVs and has implemented sales quota requirements for automakers.

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Strategy, Sustainability

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