In April this year, the retail sales of passenger vehicles in China indicated a year-on-year decrease of 18.0 percent, exceeding the 12.1 percent year-on-year decline recorded in March this year and continuing the downward trend in retail sales seen in the last 11 months, according to the China Passenger Car Association (CPCA).
In particular, Geely Auto Group recorded an overall sales volume of 103,908 units in April, down 19 percent year on year, while declining by 17 percent month on month. In the first four months this year, the company’s sales volume amounted to 470,496 units, down nine percent year on year.
Other Chinese auto manufacturers Chang’an Auto and SAIC Motor Corporation Ltd have also seen year-on-year decreases in their vehicle sales in April.
Market analysts anticipate an increasingly difficult situation for the Chinese auto industry due to insufficient confidence among consumers. Meanwhile, a third round of reductions in passenger vehicle prices in the current year is thought likely be implemented by Chinese auto manufacturers, following the previous two rounds of price reductions aimed at stimulating consumption.