China's worst car-market slump in a generation is forcing manufacturers and dealers to resort to generous discounts and loan offers to lure buyers, as the slowdown hits automakers' profits.[BEIJING] China's worst car-market slump in a generation is forcing manufacturers and dealers to resort to generous discounts and loan offers to lure buyers, as the slowdown hits automakers' profits.
"2019 should be a year of the survival of the fittest and we may see more merger and reorganisation cases in the auto industry," Shi Jianhua, a deputy secretary general of China Association of Automobile Manufacturers, said at a conference in January.Smaller Chinese manufacturers may be more exposed than bigger global companies, which can rely on sales in other countries and have more established brand following.
The government on Jan 29 urged local authorities to roll out measures to boost vehicle sales in rural areas, an effort similar to a campaign a decade ago that helped revive demand. While local governments haven't yet announced detailed incentive policies, automakers are moving ahead with offers of their own.
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