SHANGHAI - Chinese auto sales fell sharply in April, marking the tenth straight month they have fallen in the world's largest automotive market.
Vehicle sales were down 14.6% year over year at 1.98 million, the government-backed China Association of Automobile Manufacturers said on Monday, as concerns over the Chinese economy's growth prospects sapped consumer confidence. Sales had declined 11.3% in the first quarter of 2019, having fallen 12% and 9.6% in the two previous quarters, respectively.
Passenger-car sales were down 17.7% in April, while sales of commercial vehicles were flat.
The prolonged downturn has been a blow to global auto makers used to relying on China for growth. Ford Motor Co.'s sales in China declined 36% on-year in the first quarter of 2019, while General Motors Co.'s sales fell 18%.
Most industry analysts expect the market to return to growth in the second half of the year, especially if the government moves ahead with stimulus measures published in draft form last month. If approved, the package will ease restrictions on the sale of gasoline cars in major cities, while also offering incentives for rural and first-time buyers.
While such measures could curb retail demand for electric vehicles, EV sales continue to grow strongly for the time being. Sales of electrics were up 60% to 360,000 in the first four months of 2019.
Write to Trefor Moss at trefor.moss@wsj.com
https://www.marketwatch.com/story/china-auto-sales-fall-for-10th-month-2019-05-13
2019-05-13 07:14:00Z
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