China’s auto sector extended last year’s declines in the first four months of 2019, continuing to pour cold water on expectations for the industry.
For the first four months, total sales of passenger vehicles fell nearly 12% to 6.6 million units, according to the latest figures from the China Passenger Car Association. April, in particular, saw a drop of 17% year-on-year, with a paltry 1.5 million units sold.
The overall market slump is being felt all the way up. Sales for Chongqing Changan Automobile — one of China’s “Big Four” carmakers — fell 35% in the same period.
Last year was a watershed moment for China’s auto market, when it posted its first annual decline in 28 years.Related: Passenger Car Sales Skid Further