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China Car Retail Sales Slump For 11th Straight Month

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Retail sales of passenger cars in China fell for the 11th straight month in August, down 24% year over year to 1.5 million units, according to data from the China Passenger Car Association on Tuesday.

Domestic brand sales slid 19% year over year to 1.1 million units despite market share rising 4.1 percentage points to about 70%, while mainstream joint venture brand sales fell 35% to 310,000 units, and luxury car sales declined 26% to 150,000 units.

Exports jumped 78% to 888,000 units, equivalent to 38% of passenger sales.

Production slipped 4.5% to 2.3 million units.

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