China auto sales fall in October for 4th month

BEIJING (AP) — China’s auto sales sank for a fourth month in October, tumbling 13 percent from a year earlier and adding to an unexpectedly painful downturn for global automakers in their biggest market.

An industry group, the China Association of Auto Manufacturers, said Friday sales of SUVs, sedans and minivans contracted to just over 2 million units.

Demand had been forecast to weaken after Beijing tapped the brakes on bank lending in late 2017 to cool a debt boom. But the contraction has been sharper than expected, prompting expectations regulations might try to shore up sales with tax cuts or other incentives.

CAAM said sales for the first ten months of the year were off 1 percent at 19.3 million vehicles.

Categories: International News