By Selina Cheng

 

HONG KONG -- China's passenger car retail sales in November dropped 9.2% from a year ago amid slumping demand, as the nation grappled with a slowing economy under harsh Covid curbs that Beijing has recently started easing.

China's car makers and dealers sold 1.65 million passenger cars in November, down 10.5% from October, according to data released by the China Passenger Cars Association on Thursday.

Despite an almost 15% growth in automobile production for the 11 months to November compared with a year earlier, production for the month was down 9% from October.

Car retail sales were "much lower than what we expected," CPCA Secretary-General Cui Dongshu said, adding that "it's a very serious situation." Manufacturers slowed down production as a result, with some making relatively significant adjustments, he said.

Tesla Inc.'s Shanghai factory broke its record and delivered 100,291 electric vehicles last month.

 

Write to Selina Cheng at selina.cheng@wsj.com

 

(END) Dow Jones Newswires

December 08, 2022 04:27 ET (09:27 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Tesla (NASDAQ:TSLA)
Historical Stock Chart
From Dec 2022 to Jan 2023 Click Here for more Tesla Charts.
Tesla (NASDAQ:TSLA)
Historical Stock Chart
From Jan 2022 to Jan 2023 Click Here for more Tesla Charts.