China’s PV wholesale volumes show first-time YoY drop of 4% in 2018
China’s PV wholesale volumes show first-time YoY drop of 4% in 2018
According to the China Passenger Car Association (CPCA), China’s passenger vehicle (PV) retail sales reached 22,350,562 units in 2018, declining 5.8% over a year ago. Meanwhile, the country’s PV wholesale volume also fell 4.0% from the previous year (the “PV” mentioned here refers to cars, SUVs and MPVs locally produced in China).
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Car sales in China fell for the first time in 2018 in at least 20 years. According to the Chinese autobanch company PCA, sales fell by 6 percent to 22.7 million vehicles.
China is the world’s largest car market. Car sales in the country came under pressure due to the weakening economy and consumers who are shunning their hand, partly due to uncertainty due to the trade feud with the United States and the falling share prices. The increasing popularity of taxi apps also means that Chinese people less often buy a car. However, the sale of electric cars was on the rise.
For this year an uncertain year is expected for the Chinese car sales. Branch organization PCA expects a slight increase of 1.2 percent, but Goldman Sachs predicts a further decrease of no less than 7 percent in 2019. Bloomberg predicts uncertain times for the many car manufacturers who have invested heavily in factories in China in recent years. , which is actually the only way to be successful in the pretty protectionist country.
China is and remains immensely important for car manufacturers. For example, it became clear today that Daimler is dependent on China for its minimal growth, because sales in Europe and the US have declined.