U.S. Markets open in 2 hrs 28 mins

Chinese Auto Sales Are Under Pressure

Tanzeel Akhtar

Sales of automobiles in China declined for the 16th consecutive month in October.

The total car sales in the world’s biggest market fell 4% from the same month a year earlier, the China Association of Automobile Manufacturers said Monday, according to the South China Morning Post. 

The China Association of Automobile Manufacturers also reported that sales of new energy vehicles have seen a 45.6% year-on-year decline in October following a 33% decline in September, largely due to the cut of government subsidies.

NEVs include plug-in hybrids, battery-only electric vehicles and those powered by hydrogen fuel cells.

Shares of Chinese electric automaker Nio Inc - ADR (NYSE: NIO) were down more than 8% at $1.83 at the time of publication. 

Related Links:

Nio Trades Higher On August Vehicle Delivery Numbers

Tesla Raises Prices In China Ahead Of Tariff Increase


See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.