Sales of new vehicles are an indicator for the economy in China, and elsewhere.
ICYMI, data out Thursday in China showed sales of passenger vehicles (these include sedans, sport utility vehicles, minivans and multipurpose vehicles) fell 7.4% in 2019 from 2018 (to 20.7 million vehicles)
- passenger car sales fell 3.4% y/y for December month alone, the 18th monthly drop in the past 19 months
Caixin has the report and they add:
- but the pace of declines has slowed for four consecutive months
and cite comments expecting the slump in sales to ‘bottom out’ soon.
Here is the link to Caixin for more
Expecting a rebound is probably not too optimistic, Chinese authorities are providing economic stimulus.