SteelOrbis Shanghai
China's automotive market continued its downward trend in August, registering a new low in terms of sales volume. According to the latest data reported by the China Association of Automobile Manufacturers (CAAM), following the month-on-month decline in July, China's passenger vehicle market in August registered the first year-on-year decrease in 2008 as regards monthly sales volume. Apart from SUV sales which maintained their upward trend, all other models experienced a year-on-year decrease in terms of sales volume.
During the period in question, 451,300 passenger vehicles were sold in China's domestic market, down 7.56 percent month on month and down 6.24 percent year on year.
The main reason for the slump in China's automobile market in 2008 can be attributed to the overall unfavorable economic environment, while the Olympic Games can be regarded as the direct reason for the decline in China's passenger vehicle market during the month of August.
In the first eight months in 2008, China sold 4,550,300 passenger vehicles, up 13.15 percent year on year.