Despite multiple stimuli such as price cuts and government-issued consumer vouchers, the Chinese auto market started the new year on a gloomy note in January, with both manufacturing and selling being heavily shrunken.
This January began with a double-digit decline in auto output and sales, mainly pertaining to passenger cars, and demand for commercial vehicles also remained sluggish, said The China Association of Automobile Manufacturers (CAAM) in a data release on Feb. 10.
According to CAAM, China’s auto market saw output and sales of 1,594,000 and 1,649,000 units, respectively, in January, dramatically decreasing by 33.1 percent and 35.5 percent, respectively, from the month before, and a 34.3 percent and 35 percent drop from last January….