China car sales decreased for the first time in the last 20 years.
China car sales fall by 13 percent, a highest decline since 1990s. China’s top auto industry association revealed that one of the largest auto markets in the world is contracted for the first time in over 20 years.
CAAM or China’s Association of Automobile Manufacturers revealed that in December the car sales fell by 13 percent, the 6th straight month of declines, bring annual sales to the benchmark of 28.1 million, that is 2.8 percent lower from the last year.
Automobile companies such as Britain’s biggest automaker Jaguar Land Rover and homegrown Geely have recently cautioned about China car sales in 2019, that is also hit by US China trade war. However, it was against the 3% annual growth forecast predicted at the beginning of 2018.
On the other side, CAAM expects the further decline in sales and predicted the sales of 28.1 million vehicles for current year. However, industry bodies and government are hopeful for 0 to 2 percent growth.