Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

China Auto Sales Fall for Eleventh Month

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/12/2019 | 02:54am EDT

By Trefor Moss

SHANGHAI--China's auto sales declined for the eleventh straight month in May, falling 16.4% from a year earlier to 1.91 million as the prolonged downturn in the country's automotive sector showed no sign of abating.

For the first five months of 2019, vehicle sales fell 13% from a year ago, the government-backed China Association of Automobile Manufacturers said Wednesday. Passenger-car sales were down 15.2% during the period, while sales of commercial vehicles were off by 1.3%.

Electric-vehicle sales continued to grow strongly, however, reaching 464,000 in the January to May period, up 41.5% from the previous year. With 104,000 units sold last month, EVs accounted for 5.4% of total vehicle sales.

Market saturation in China's wealthiest cities and a credit crunch in smaller cities have combined with weak confidence in the Chinese economy to depress sales since mid-2018. While some analysts expect a rebound later this year, tough new emissions regulations--which come into force across much of China on July 1--are disrupting the industry's efforts to stage a fight-back, according to officials at the manufacturers' association.

The regulations have left dealers scrambling to shift thousands of older vehicles before selling them becomes illegal at the end of this month, often by offering steep discounts. While that could deliver a temporary boost in unit sales, it is likely to worsen financial losses for auto makers already struggling in China, analysts said.

Write to Trefor Moss at Trefor.Moss@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
09:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
09:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
09:14pOil rises on tensions after Middle East tanker attacks
RE
09:14pSingapore exports down 15.9% year-on-year in May as China shipments slip
RE
09:11pDOLLAR INDEX : holds near two-week high after strong U.S. retail data
RE
09:04pNATIONAL BUREAU OF STATISTICS OF CHINA : Market Price of Important Means of Production in Circulation, June 1-10,2019
PU
09:02pChina 2018 thermal power investment lowest since 2004 -association
RE
08:45pSingapore's Exports Fall in May on High Base of Comparison
DJ
08:09pPuerto Rico Board Unveils $35 Billion Bankruptcy-Exit Framework
DJ
07:47pHuawei prepares for 40%-60% fall in international smartphone shipments - Bloomberg
RE
Latest news "Economy & Forex"
Advertisement