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.
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