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China June car sales dip for first time in 2 yrs

  • Author:naky
  • Source:www.diecastingpartsupplier.com
  • Release on:2015-07-09
Monthly passenger vehicle sales in China fell in June for the first time since June 2013, a bleak sign for the world's largest car market and second largest economy amid a stock market rout.

Vehicle sales were 1,429,676 in June, down 3.2 per cent year-on-year, according to the China Passenger Car Association.

Carmakers had already braced themselves for an era of slower growth amid a broader economic showdown in China, as well as an official clampdown on corruption and lavish shows of excess.

But they could now be facing headwinds from a plummeting stock market, dominated by retail investors who could be left out of pocket.

The steam started to go out of the Shanghai and Shenzhen indices around June 12, and they have both gyrated wildly in recent weeks.

Sales of passenger cars, SUVs and minivans increased 9.9 per cent year-on-year to 19.7m units in 2014, according to the Chinese Association of Automobile Manufacturers. The widely-watched CAAM monthly sales report will be released on Friday.

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