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Bloomberg
China vehicle sales fell for the first time in 28 years, raising the prospect of a government-led stimulus to revive demand in the world’s biggest auto market as consumers from Europe to US balk at buying new cars.
Deliveries of passenger vehicles to dealers fell 4.1 percent to 23.7 million units last year, the China Association of Automobile Manufacturers said.
It forecast little growth in 2019. Data from the China Passenger Car Association revealed a 6 percent drop in retail sales.
The slump in China, which has been a crucial growth engine for global carmakers, is adding to the headwinds manufacturers are facing at a time the industry is under pressure to spend billions of dollars in its shift to electric and autonomous vehicles.
Ford Motor and Jaguar Land Rover are among automakers that have announced job cuts amid the sudden dip in demand for conventional vehicles and tougher emission standards.