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China’s auto sales to slow down in 2015

by ChemOrbis Editorial Team -
  • 23/04/2015 (15:03)
The world’s largest auto market and driver of growth for the industry is expected to rise less than forecasts. The Association of Automobile Manufacturers said this week that China’s vehicle sales will expand less than the 7% forecast that was made for 2015.

The deceleration in the growth rate was blamed on the economy as well as restrictions on vehicle registrations in some cities. It is expected that more cities will start limiting vehicle purchases every year.
The secretary general, Dong Yang, was quoted as saying, “China’s auto sales will grow by an average of about 5 percent to 10 percent a year, a “new normal” of slower expansion after increasing by an average of 24 percent from 2001 to 2010.”

In response, car makers are reported to be scaling back output and slashing prices now to compete.
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