China Car Slump Persists With Sales Plunging for 10th Month
- Industry group calls for government policies to bolster demand
- Cars the only shrinking consumer-product group in China: PCA
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For decades, there was just one way for China’s car market: up. Once the trend abruptly reversed 10 months ago, the free fall in the world’s largest market has shown no signs of easing.
Retail sales of sedans, sport utility vehicles, minivans and multipurpose vehicles continued their plunge in March, dropping 12 percent to 1.78 million units, the China Passenger Car Association said Tuesday. That follows an 18.5 percent drop in February and 4 percent decline in January.