) have all reported double-digit percentage sales declines. Some smaller firms have even started to shut down capacity and seek consolidation.
Fu said sales declines should be viewed as part of the industry’s transformation towards higher production standards, lower-emission cars and new energy vehicles , adding the association was still ultimately bullish about the future prospects of the market. A spokesman for CAAM in Beijing confirmed on Thursday the industry group expects an 8% decline in sales from the previous year, without disclosing further details.
The sales slump has even extended to the NEV sector, due to subsidy cuts. NEV sales skidded 34% in September year-on-year following a 16% decline in August.
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