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China Car Sales Drop for First Time in 20 Years

By Mo Yelin / Jan 10, 2019 12:45 PM / Business & Tech

Photo: VCG

Photo: VCG

Sales in the world’s largest auto market fell 5.8% to 22.35 million units last year, the China Passenger Car Association (CPCA) said Wednesday. This is the first annual decline in at least two decades.

Major carmakers have been caught in the headwinds of the overall market slump. On Monday, General Motors said it sold 3.6 million vehicles in China in 2018, falling nearly 10% year-on-year.

On Wednesday, a top economic planning official said China will roll out new measures to support consumer spending on popular products that include cars. Analysts expect such measures could include tax cuts.

CPCA expects car sales to rise about 1% this year.

Related: Auto, Appliance Stocks Jump After Official Pledges to Support Consumption

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