China’s Car Sales Decline by 2.2% Year-on-Year in May
BEIJING, June 11 – According to data from the China Passenger Car Association, China’s passenger car sales have dropped by 2.2% in May compared to the same period last year. This decline comes as the world’s largest auto market continues to experience a slowdown in demand amidst a struggling economic recovery.
In May, sales of passenger cars totaled 1.72 million vehicles, representing a 5.3% increase year-on-year. Overall, sales for the first five months of the year reached 8.15 million units.
This decrease in car sales reflects ongoing challenges in the Chinese market, despite efforts to stimulate growth. Analysts are closely monitoring the situation to assess the impact on the country’s automotive industry.
(Reporting by Qiaoyi Li, Zhang Yan, and Miyoung Kim; Editing by Muralikumar Anantharaman)