Car sales drop in China for the first time in 20 years
London (CNN Business)Chinese shoppers bought fewer cars last year as trade tensions and a weaker economy contributed to the first annual sales decline in two decades.
The China Passenger Car Association said Wednesday that vehicle sales fell 5.8% in 2018 to 22.4 million vehicles. It’s the first annual decline in nearly 20 years, according to state broadcaster CCTV.
China is the world’s biggest car market, and many global automakers have come to depend on blockbuster sales fueled by Chinese consumers who purchased vehicles as they joined the middle class.
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