Chinese auto sales continue to plunge deeper into recession, with the country’s China Passenger Car Association releasing preliminary data for August that in no way indicates that the trend could be slowing.
Instead, it has been a “historically prolonged slump” for the world’s largest car market, according to Bloomberg.
The CPCA reported on Monday that sales of sedans, SUVs, minivans and multipurpose vehicles in August fell 9.9% to 1.59 million units.
It has been the industry’s largest downturn in three decades and automakers are still facing headwinds as trade tensions with the U.S. continue. China has tried to roll out several stimulus measures to help the industry, including loosening car purchase restrictions, but they have done little to encourage consumption thus far.
Preliminary data from MarkLines on Japanese automakers selling in China shows Nissan and Honda posting 2.0% and 5.9% gains, respectively, while Toyota sales fell 3.8% and Mazda sales suffered the largest blow, down 20.7%. We will revisit this data toward the middle of the month, when it is updated to include additional manufacturers from around the globe.
Top Chinese SUV maker Great Wall Motor Co. saw its first half profit lower by an astounding 59% and SAIC Motor Corp., China’s biggest automaker, also cut its sales forecast recently and predicted its first annual sales decline in at least 14 years. Geely Automobile Holdings Ltd. saw sales fall 19% in August.