Aug 06, 2018 (China Knowledge) - China imported 15,000 automobiles on June, plunging by 87.1% YoY, according data released by the China Automobile Dealers Association on Monday. China auto imports in H118 recorded 452,000 units, decreasing by 22.1% YoY.
Mr. Wang Cun, director of the Imported Auto Committee of the China Automobile Dealers Association, said that the magnitude of imported cars' decline in the first half of the year was "rare in history". He believes that the decline in auto imports is mainly due to the impact of latest tariff changes caused by ever heating trade war.
Mr. Wang also stated that different from sharp decline of imported autos during destocking cycles, the inventory level is reasonable year to date.
He further explained that since tariffs of a few models were lowered in April initially, Chinese consumers have adopted wait-and-see attitude, and the sell-out data began to decline. After the tariff was officially lowered across the board laters, OEMs cut the prices of imported cars swiftly, boosting sales of imported auto by 25%. However, the whole market has not recovered in term of sales because more consumers think more price cuts will take place after July 1.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: email@example.com
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI