China’s car market has continued its slowdown according to the latest sales data from Chinese trade associations. Figures released by the China Association of Automobile Manufacturers show that passenger vehicle sales declined by 6.6% in July.
July retail deliveries fell 2.5% to 1.3m units, the lowest level since February 2014, according to the China Passenger Car Association.
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In China, concerns remain over the current economic slowdown and dramatic reverses in local stock market prices. Manufacturers report increased discounting and negative pricing in recent months.
Recent analysis suggests that demand conditions may be rather better in the lower tier cities, with the tier 1 and tier 2 cities (where restrictions on car purchases are concentrated) seeing much of the downward demand adjustment, in the short-run.
However, analysts note that stock market developments threaten a broader adjustment if confidence – already knocked – dissipates further (China’s stock markets are dominated by individual, rather than institutional investors, and those individuals have had a shock).
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