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China car sales fell 14.6 percent in April, an official industry association said on Monday, extending a slump in a massive auto market that has long been a cash cow for the industry.
Sales fell to 1.98 million last month, according to figures from the China Association of Automobile Manufacturers (CAAM).
Incomes - Government - Sales - Incentives - China
Fuelled by rising incomes and government sales incentives, China in recent years has surged to become the world's largest automotive market and one of its fastest growing, prompting global manufacturers to stake their futures on it.
But after years of strong growth, car sales fell last year for the first time since the 1990s, hit by a slowing domestic economy, trade tensions with the United States, and a Chinese crackdown on shady credit practices that have crimped car-financing channels.
Sales - Percent - Units - CAAM - Figures
Sales had dipped 2.8 percent in 2018 to 28.1 million units, according to previous CAAM figures, and the decline has accelerated into 2019.
Analyst say the ongoing slump has been heightened by a surge in sales in recent years as consumers rushed to buy cars ahead of the recent removal of tax rebates for small-vehicle...
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