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Chinese Carmakers Cut Sales Forecast
The China Assn. of Automobile Manufacturers, which had predicted flat wholesales of cars in the country this year, now says factory shipments will drop 5% to 26.68 million units.
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The China Assn. of Automobile Manufacturers, which had predicted flat wholesales of cars in the country this year, now says factory shipments will drop 5% to 26.68 million units.
In 2018, wholesale and retail demand for passenger vehicles fell 3% and 6%, respectively. Carmakers have been trying all year to reduce the resulting glut of unsold vehicles held by their dealers.
CAAM says increased output of electrified vehicles this year will help offset slumping demand for piston-powered cars. But the trade group also has lowered its volume forecast for the so-called new-energy vehicles to 1.5 million from 1.6 million.
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