Chinese auto sales fall for second month in August
Demand cools as economic growth slows after Beijing tightened controls on bank lending to address surging debt
BEIJING – Chinese auto sales fell for a second month in August, adding to signs of economic malaise amid a worsening tariff battle with Washington.
An industry group, the China Association of Automobile Manufacturers, said Tuesday sales of SUVs, sedans and minivans in the biggest global auto market contracted by 4.6 per cent from a year earlier to 1.8 million units. Total vehicle sales, including trucks and buses, sank 2.1 per cent to 2 million units.
Auto demand has cooled as economic growth slows after Beijing tightened controls on bank lending to cool surging debt.
Sales of SUVs, usually the industry’s brightest spot, shrank 4.7 per cent to 737,000 units. Sedan sales were down 3.4 per cent at 901,000.
Total auto sales for the first eight months of the year gained 2.6 per cent to 15.2 million.