China Car Sales Fall as Government Incentives Dry Up

Total passenger car sales in China declined in October from a year earlier for the first time in months as trade-in incentives and subsidies for new vehicle purchases are being phased out. China’s retail sales of passenger cars fell by 0.8% last month from October 2024, per data by the China Passenger Car Association (CPCA) cited by Bloomberg. Compared to September, car sales also dropped, by 0.1%. Although the declines seem small, they were the first in many months in the Chinese car market. Excluding the effect of the…