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China’s Automobile Market Declined in June

Well-known Chinese news site Sina recently reported that, following a disappointing May, the Chinese automobile market suffered another tough month in June. According to the data that the China Association of Automobile Manufacturers (CAAM) just released, the national automobile manufacturing volume declined by 5.8 percent, month-over-month, or by 0.2 percent, year-over-year. In the meantime, the national automobile sales volume declined by 5.3 percent, month-over-month, or by 2.3 percent, year-over-year. This record is only better than the February numbers, when the month-over-month manufacturing and sales volume declined by 28.7 percent and 31.3 percent, respectively. Most of the automobile manufacturers started cutting prices after February, led by Shanghai Volkswagen and followed by the joint-venture companies of Ford, Hyundai, Peugeot and GM. Only Japanese automobile vendors saw growth and did not join the price war. However the overall market did not rebound. The last time the Chinese automobile market saw a major decline was in 2008, when the global financial crisis started. 
Source: Sina, July 15, 2015