The Chinese automobile market has been steadily growing since 1990 and has become the world's largest company by bypassing the US in 2009. However, things are different in the current year. In October, China posted a 11.7 percent fall in 2017 compared to the same month. In the first 10 months of 2018, China bought 22.87 million vehicles, 0.1% less than the same period last year.
In addition, in October it was the fourth month in a row in China where auto sales lasted less than a year, indicating that 2018 could reach a negative value compared to 2017.
If this had really happened, the Chinese Automobile Manufacturers' Association (CAAM) had failed to anticipate, because an increase of 3% a year was announced for 2018.
It will be seen that automobile manufacturers will see whether they will use November and December to complete the current sales results as a plus in 2018. This year's automobile sales in China were also negatively affected by the US-led trade war, which led to an increase in customs duties on imports of vehicles.
According to Reuters, many car dealers in the Chinese market are currently offering big discounts to attract customers, while the government is expected to lower taxes on small cars to boost sales.
While total sales of automobiles decreased in the first 10 months, electrical and plug-in hybrid models increased by 75.6% year-on-year and 860,000 vehicles were sold in January-October period.