China's Car Sales Dropped in November Under Harsh Covid Curbs
December 08 2022 - 04:42AM
Dow Jones News
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)
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