Vehicles sales in China, the world’s largest auto market, fell 14.6% in April from the same month a year earlier, the country’s biggest auto industry association said on Monday, marking the 10th consecutive month of decline.
Sales fell to 1.98 million vehicles, said the China Association of Automobile Manufacturers (CAAM). That followed declines of 5.2 percent in March and 14 percent in February, as well as the first annual contraction last year since the 1990s against a backdrop of slowing economic growth and a crippling trade war with the United States.
China car sales on the slide – graphic tmsnrt.rs/2W3L5tA Automakers have been lowering prices in China after the government introduced tax cuts to spur consumer spending. CAAM officials said customers were nevertheless holding off purchases in the hope of more favorable policies, hurting sales.