FAST FIVE: China Auto Sales Fall 6% In October As Global Auto Recession Shows No Signs Of Slowing
Auto data aggregator Marklines reported: Nissan announced on November 6 that it sold 139,064 units in October in China, reflecting a 2.1% y/y decrease in sales.
Sales of the Accord, Odyssey, CR-V, Inspire and Elysion, all of which are equipped with the SPORT HYBRID, a highly efficient double-motor hybrid power system, totaled 15,373 units.
YTD sales totaled 1,271,286 units, reflecting a 15.2% y/y increase.
Meanwhile, to add insult to injury, China's Passenger Car Association said on Friday that NEV deliveries fell for a fourth straight month, down 45% in October as a result of subsidy cuts occurring while the global consumer remains under pressure. China is considering cutting back on subsidies for electric vehicles, which have been the sole silver lining (if you can even call it that) over the last 12-18 months for the industry.
That drop could arguably come at the most devastating time for China and the rest of the global auto industry, should it happen now. Tyler Durden Fri, 11/08/2019 – 22:05 Tags Business Finance.