BUSINESS China's passenger vehicle sales drop in October

BUSINESS

China's passenger vehicle sales drop in October

Xinhua

19:41, November 08, 2019

BEIJING, Nov. 8 (Xinhua) -- China's passenger vehicle sales registered a fourth-month decline in October amid weaker-than-expected demand, data from an industrial association showed Friday.

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Photo: VCG

The retail sales of passenger vehicles stood at 1.84 million units last month, down 5.7 percent year on year, according to the China Passenger Car Association (CPCA).

In the first 10 months, sales declined by 8.3 percent year on year, and a mere 3.5-percent monthly rise in October pointed to a lukewarm market, the CPCA said.

Wholesale of new energy passenger cars plunged by 45.4 percent year on year last month and rose 1 percent over September.

The association expected no marked sales rebound in the fourth quarter and the first quarter of next year, and said carmakers would be more cautious about their sales targets in 2020.

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