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New car sales in the world's second-largest economy fell 4.7% year-on-year in July, the first decline in more than two years, according to data from the largest badociation in the automotive industry from China.
Sales of new energy vehicles in China fell to 80,000 units last month. This compares to an 80% growth in sales of these vehicles in June.
The China Automobile Manufacturers Association announced Monday that its total sales in the world's second largest market fell by 4.3% in July, continuing its 13th consecutive month of decline.
This follows a decline of 9.6% in June, 16.4% in May and the first annual contraction since the 1990s, due to a slowdown in economic growth and a painful trade war with the United States. United States.
"The main reason for the decline in new energy vehicle sales in July is the policy change," said Chen Shehua, deputy general secretary of the Association of Automobile Manufacturers, citing China's decision to cut back on new energy vehicles. last month.
The badociation had previously said it expected China's vehicle sales to drop by 5 percent year-on-year to 26.68 million vehicles this year. It has reduced its forecast of new energy vehicle sales to 1.5 million, compared to a previous forecast of 1.6 million.
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