The China Association of Automobile Manufacturers (CAAM) has forecast the automobile sales to drop in China in 2019. Weaker purchasing capacity due to slower economic growth and the new vehicle emission standards could be some of the reasons for the estimated drop in car sales, according to a report by staffs from the association.
As per the CAAM’s estimation, there is likely to be a 5 per cent drop in car sales in China this year to 26.68 million units, compared to a previous forecast of 28 million units.
This year’s decline would thus, be larger than that of 2.8 per cent in 2018, the first drop in 28 years.
For new energy vehicles, the CAAM expects the sales to climb about 19.4 per cent and come in at 1.5 million tonnes, a slower increase compared to the last year’s estimate of 33 per cent to 1.6 million units.
In 2018, NEV sales in China expanded by 61.7% to 1.26 million units.
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