Chinese retail sales of new passenger vehicles — sedans, crossovers, SUVs and multipurpose vehicles — are expected to contract for the fourth straight month, slipping 17 percent to 1.58 million in September, the China Passenger Car Association said this week.
The latest decline is steeper than the 15 percent drop in August, as well as a 6.1 percent decrease in July and June’s 4.8 percent dip.
The China Passenger Car Association blames the extended downturn on the severe auto chip shortage and lockdowns by some cities to contain local coronavirus outbreaks.