SHANGHAI, Jul 25 (SMM) – The China Association of Automobile Manufacturers (CAAM) slashed its forecasts for automobile sales in China in 2019, citing the slowing economic growth, the new vehicle emission standards and weaker consumer spending power as headwinds, according to a report by staffs from the association published on autoreview.com.cn on July 23.
The CAAM expects China’s car sales in 2019 to fall 5% from 2018 to stand at 26.68 million units, compared to a previous forecast of 28 million units.
This would be larger than the decline of 2.8% in 2018, the first drop in 28 years.
For new energy vehicles, the CAAM expected a slower sales increase. NEV sales are estimated to climb about 19.4% to 1.5 million units for the full year, versus a 33% increase to 1.6 million units.
In 2018, NEV sales in China expanded 61.7% to 1.26 million units.