china car sales fall for the first time in 20 years - home appliances manufacturers in china

by:Yovog     2019-12-18
china car sales fall for the first time in 20 years  -  home appliances manufacturers in china
China, the world's largest auto market, has seen its first annual decline in 20 years.
Sales fell 6% to 22.
According to the statistics of the China Passenger Car Association, there were 7 million vehicles in 2018 (CPCA).
The slowdown in China's economy has affected the performance of global automakers.
The news came after Apple warned that a slowdown in iPhone demand in China would affect sales.
Meanwhile, Geely, China's most successful carmaker, expects sales to be flat this year.
Foreign carmakers such as Ford, Volkswagen, Jaguar Land Rover and General Motors all reported a decline in sales in China over the past few months.
China Association of Automobile Industry (CAAM), a government-
Last month, the supported industrial group blamed the slowdown on economic change and "international reasons", referring to the trade war between China and the United States.
Last year, the two countries imposed tariffs on each other's goods worth billions of dollars.
CAAM said that the market is expected to remain unchanged in 2019, adding that while demand for diesel and gasoline cars is falling, the rise in electric vehicle sales may help the whole market avoid another slump.
Government subsidies for car purchases also ended last year, reducing consumers' motivation to buy new cars.
However, the National Development and Reform Commission of China (NDRC)
The company said it plans to introduce policies to stimulate consumer spending on cars and household appliances. NDRC vice-
Ning Jizhe, chairman of China National Broadcasting Corporation, said there is still potential for growth in car sales.
He said policies such as introducing a rural car purchase plan or lowering taxes on car sales could help drive sales.
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