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China November Car Sales Drop 10% on Cooling Economy
China's November car sales plunged 10 percent, the biggest decline in more than three years, as a cooling economy caused consumers to curb spending in the world's second-biggest auto market.
Sales of cars, sport-utility and multipurpose vehicles dropped for the third month in four, sinking to 522,800, the China Association of Automobile Manufacturers said in an e-mailed statement today. Prior to August, car sales hadn't fallen for more than three years.
Waning car sales in China have hit international automakers such as General Motors Corp., the world's biggest, as they are counting on emerging markets to offset plunging sales in Europe and the U.S. GM, Ford Motor Co. and Chrysler LLC are already seeking as much as $34 billion in federal aid between them because of falling sales.
In the first 11 months, China car sales climbed 8.9 percent from a year earlier to 6.2 million.
Sales of cars, sport-utility and multipurpose vehicles dropped for the third month in four, sinking to 522,800, the China Association of Automobile Manufacturers said in an e-mailed statement today. Prior to August, car sales hadn't fallen for more than three years.
Waning car sales in China have hit international automakers such as General Motors Corp., the world's biggest, as they are counting on emerging markets to offset plunging sales in Europe and the U.S. GM, Ford Motor Co. and Chrysler LLC are already seeking as much as $34 billion in federal aid between them because of falling sales.
In the first 11 months, China car sales climbed 8.9 percent from a year earlier to 6.2 million.