FAST FIVE: China Car Sales Plunge 7.5% In 2019 And 3.6% For December, Marking The 18th Fall In 19 Months
This will only hold true heading into 2020, where 2019's comps will be much easier to catch than those of years prior, while the auto market was booming. The China Association of Auto Manufacturers predicts that vehicle sales will drop 2% in 2020, marking a third straight annual decline.
For instance, Peugeot maker PSA Group is selling its 50% stake in a JV it has to make cars in China.
posted an 11% drop in 2019 sales and SAIC Motor reported a “similar decline”. To make matters worse, Beijing slashed subsidies on EVs and NEVs this year – as we noted in the beginning of December – causing a huge dent in sales of plug-in vehicles.
NEV sales plunged 42% in November. Yet some analysts insist that progress will be made in the new year.
“Environment-friendly cars would return to positive territory this year,” analysts talking to the SCMP said. As for us.