China’s passenger car sales fell about 15% in November from a year earlier according to preliminary data released by Nomura.
If confirmed that drop would worry industry observers and confirm the scale of China’s current economic slowdown. It would be the second biggest year-on-year monthly drop in the past decade, Nomura said in a research note.
Official industry data are due for release in the next few days.
Nomura also said its earlier forecast of declining industry profits and operating margins in 2009 was increasingly realistic due to a sharp decline in sales volume, a deterioration of product mix and possible severe price competition.
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