China Industry Vehicle Sales Gain at Slowest Pace in 3 Years
- Registration quotas, slowing economy dented consumer demand
- Chinese auto brands gained market share with cheap SUVs
A child looks into a car window at a car dealership in Beijing. Wholesale deliveries of passenger and commercial vehicles climbed 4.7 percent to 24.6 million units last year, the smallest rate of increase since 2012, according to the state-backed China Association of Automobile Manufacturers.
Photographer: Wang Zhao/AFP/Getty ImagesChina’s industrywide vehicle sales rose at the slowest pace in three years even after a fourth-quarter tax cut by the government, as businesses put off purchases with the slowing economy and turmoil in the stock market battered consumer confidence.
Wholesale deliveries of passenger and commercial vehicles climbed 4.7 percent to 24.6 million units last year, the smallest rate of increase since 2012, according to the state-backed China Association of Automobile Manufacturers. By comparison, U.S. sales of new cars and light trucks rose 5.7 percent to 17.5 million, according to Autodata Corp.