China is likely to see vehicle sales drop again this year as opposed to earlier ...
BEIJING - China is likely to see vehicle sales drop again this year as opposed to earlier expectations for zero growth, the country’s biggest auto industry association said, after it unveiled data showing the sector contracted for a 12th straight month in June.
The lower forecast by the China Association of Automobile Manufacturers comes amid a spate of downward revisions by industry experts, triggered by a prolonged and increasingly pronounced sales slump in the world’s top auto market. China has since January been trying to boost consumption of wide-ranging goods as the world’s No.2 economy slows further in 2019 amid a bruising trade spat with the United States.
Consumers were also disappointed as the government did not reinstate a tax cut on small-engine vehicles in rural areas, said Alan Kang, a senior analyst at consultancy LMC Automotive.
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