Automobile sales in China fell 3.8% to 2.1M in August, according to data from the China Association of Automobile Manufacturers.
Economist say anxiety over China's economy and the impact of a trade war with the U.S. held back consumers. The sales drops were more pronounced in smaller cities amid government crackdowns on peer-to-peer lending.
Sales at the SAIC-GM joint venture fell 4% at 158,616 vehicles, while sales at SAIC-GM-Wuling dropped 6% to 145,515 vehicle. Ford sales decreased 36% during the month, while Honda and Mazda also saw double digits falloffs of 10% and 13%, respectively. Toyota was an outlier with a 23% sales pop on Lexus strength. Nissan managed a 4% increase during the month.
The Chinese auto market has now seen two straight months of ~4% sales drops.
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