Data from the China Passenger Car Association showed on Monday that car sales fell by 0.8% to 2.27 million units last month, compared to a 6.6% increase in September last year. Car sales in China last October fell from the previous year, ending an eight-month growth streak, due to weak consumer confidence amid the reduction of tax exemptions and government support. With tax cuts on purchases reaching 30,000 yuan ($4,211.71) for electric and hybrid cars, the growth in sales of plug-in hybrid and electric cars slowed by 7.3% compared to a 15.5% increase in September.
Car Sales in China Fall After Eight Months of Growth
Data from the China Passenger Car Association showed that car sales fell by 0.8% last month, ending an eight-month growth streak. The growth in electric vehicle sales also slowed, attributed to reduced government support and tax breaks.