China’s car sales slump 4.2 per cent in November as reluctant consumers stay away from big ticket purchases
- China’s car market, the world’s largest, is heading for a second consecutive annual drop
- For the first 11 months of the year, car sales have slumped 10.2 per cent to 19.27 million units
China’s car market remains mired in a downward spiral as sales dropped for a fourth consecutive month in November amid a slowing economy.
A total of 1.97 million sedans, SUVs, minivans and multipurpose vehicles were sold in November, 4.2 per cent lower year on year, the China Passenger Car Association (CPCA) said on Monday. But the monthly sales were 5.1 per cent higher than in October.
“The market failed to live up to expectations of a strong rebound in November,” said Cui Dongshu, secretary general of the CPCA. “Consumer demand remained weak as people are reluctant to spend on big-ticket items due to worries about a bleak economic outlook.”
The country’s once-buoyant car market, which reported an annual sales decline for the first time since 1992 last year, is set for a second straight yearly drop.
For the first 11 months of this year, car sales have slumped 10.2 per cent to 19.27 million units.
China’s car market, the world’s largest, began losing momentum in June 2018 after more than two decades of strong growth. The market has seen year-on-year declines in 17 of the past 18 months.