Photo: BMW
The global automotive powers are likely not going to be able to rely on the strength and growth of the Chinese market this year, because results are in for the first month of the year, and it looks like there won’t be a repeat of last year’s performance.
According to Bloomberg, sales in January tumbled 24 percent, the biggest decline in seven years. However, it’s not all bad news, since the earlier than normal Lunar New Year came with a long holiday that slashed a weeks worth of sales.
However, further signs that the world’s second-largest economy is cooling are evident, as retail grew at the slowest pace since 2009’s global financial crisis.
One possible glimmer of hope is that China’s well-to-do are in fact buying cars, as BMW sales rose 30% and Audi grew 23%.
However, further signs that the world’s second-largest economy is cooling are evident, as retail grew at the slowest pace since 2009’s global financial crisis.
One possible glimmer of hope is that China’s well-to-do are in fact buying cars, as BMW sales rose 30% and Audi grew 23%.
Google News