SHANGHAI: China car sales fell 14.6 per cent in April, an official industry association said on Monday , extending a slump in a massive auto market that has long been a cash cow for the industry.
But after years of strong growth, car sales fell last year for the first time since the 1990s, hit by a slowing domestic economy, trade tensions with the United States, and a Chinese crackdown on shady credit practices that have crimped car-financing channels. Analyst say the ongoing slump has been heightened by a surge in sales in recent years as consumers rushed to buy cars ahead of the recent removal of tax rebates for small-vehicle purchases."At present, the main reason for the market downturn is a lack of consumer confidence," CAAM said.
The persistent slowdown has pushed major manufacturers to cut prices and announce plans to pursue more design changes and automotive options tailored specifically to Chinese consumers.
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