Moody's: China Car Sales to Drop 6.5%

According to Moody's (an American credit rating agency), the global car sales for the whole 2019 is estimated at 91.1 million vehicles, and 90.2 million vehicles for 2020. Despite Moody's expects a stabilized trend for China's car market in the second half of 2019, the downslope sales of the first half would cause the full-year sales of China's car market to drop 6.5%.

Early this March, Moody's made a similar prediction on global car industry, changing the status of car industry prospect from "stable" to "negative" with an estimated sales growth of 0.5% for 2019 and a return to 0.8% for 2020. In comparison, the latest prediction released by Moody's is more pessimistic, where the sales for 2019 and 2020 is predicted to drop 3.8% and 0.9% respectively and a number of 10.2 million vehicles is subtracted from the previous total sales prediction.

 Coincidentally, China Association of Automobile Manufactures shares the same pessimism. The association adjusted full-year sales prediction from 28 million vehicles down to 26.68 million vehicles. According to the figures from the association, in the first half of 2019, China sold a total of 12.323 million vehicles, dropping 12.4%.