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China's auto sales fell 15.8% in January from a year earlier, the seventh consecutive month of decline, suggesting a sharp slowdown in the world's largest auto market, the China Automobile Industry Association (CAAM) said Monday.
In an e-mail to Reuters, CAAC said sales fell to 2.37 million vehicles in January. Sales fell 14% in November and 13% in December, respectively.
"Car sales continued to decline in January, with no signs of improvement. We estimate that sales will also fall sharply in February, "said Xu Haidong, Assistant Secretary-General of SAIC.
"The reason for the decline in sales is still the overall economic slowdown and the decline in consumption in small and medium-sized cities," Xu said.
Industry executives also said that car sales in January and February in China are often affected by the Spring Festival holiday, because consumers often delay buying cars around the festival.
However, the association said sales of new energy vehicles in China continued to perform well, with 95,700 vehicles sold in January, a 140% increase over the same period last year.


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