In March this year, the retail sales of passenger vehicles in China amounted to 1.74 million units, down 12.1 percent year on year, as announced by the China Passenger Car Association (CPCA).
In the January-March period of the current year, the retail sales of passenger vehicles in China amounted to 5.078 million units, down 10.5 percent year on year.
In March, the retail sales of new energy vehicles totaled 111,000, up 100.9 percent year on year. Market analysts expect that the retail sales of new energy vehicles will amount to 1.7 million units in the full year of 2019.
Although China has reduced the VAT rate for the manufacturing industry by three percentage points, the CPCA stressed that retail sales prices of passenger vehicles are unlike to decline by the full VAT decrease margin as automobile enterprises already made large price reductions in the previous period.