Global Car Sales Fell 6% in February

Worldwide sales of cars and light trucks shrank 6% to 6.39 million units in February, according to LMC Automotive Ltd.

The global forecasting firm says the annualized sales pace, which has been dropping since mid-2018, slid to 89.3 million in February from 91.2 million in January.

LMC say the single biggest contributor is the continuing slump in China, where unit sales plunged 14% to 1.46 million year on year. It was the eighth consecutive month of shrinkage. February’s annualized selling rate fell 8% to 23.3 million compared with January’s pace.

Volumes also shrank in the world’s two other largest markets last month. Deliveries fell in the U.S. (-3% to 1.26 million vehicles) and western Europe (-3% to 1.26 million). Sales rose in Japan (+1% to 473,700 cars and light trucks) and South America (+4% to 228,200).