Light-vehicle sales drop for 8th straight month amid slowing economy
Automotive News China
Automotive News | 2019-3-12
China¡¯s new light-vehicle sales contracted in February for the eighth consecutive month, falling 17 percent to fewer than 1.22 million cars and light trucks, amid slower economic growth.|
Domestic economic growth may slow to between 6 and 6.5 percent in 2019 from 6.6 percent in 2018, Chinese Premier Li Keqiang predicted at a national meeting held in Beijing last week.
The decline in the light-vehicle market was broad and felt across every major segment last month, the China Association of Automobile Manufacturers reported.
Multipurpose vehicle sales plunged 27 percent to roughly 88,400 while deliveries of crossovers and SUVs fell 19 percent to some 530,200.
Minibus volume slumped 17 percent to some 21,400 while sedan deliveries dropped 14 percent to about 579,500.
But sales of new commercial vehicles including trucks and buses rose 8 percent to about 262,000.
As a result, total new-vehicle sales in China declined 14 percent to 1.48 million in February.
In the first two months, new-vehicle deliveries across China totaled 3.85 million, 15 percent lower than the same period last year.
CAAM said combined new light-vehicle sales fell 18 percent from a year earlier to about 3.24 million in January and February while new commercial-vehicle deliveries edged up 2 percent to approximately 608,000.
Prodded by the carbon credit program Beijing enacted at the start of the year, automakers continued to ramp up electrified vehicle output in February. As a result, sales of EVs and plug-in hybrids keep surging.
Automakers delivered some 53,000 EVs and plug-in hybrids last month, a jump of 54 percent from a year earlier. Demand for EVs advanced 69 percent to around 40,000 while plug-in hybrid sales rose 19 percent to about 13,000.
In the first two months, total sales of EVs and plug-in hybrids nearly doubled to 148,000, with EV sales soaring 128 percent to some 114,000 while plug-in hybrid deliveries increased 38 percent to roughly 34,000.
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