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Industry car sales plummeted 20 percent between 1973 and 1974, and for the first time in recent history, annual passenger car travel in the U.S. actually declined.
China's car sales contracted for the first time since the 1990s last year, hit by a weakening economy and the fallout of trade frictions with the United States.
Chery's vehicle sales maintained a rapid growth momentum in the first 10 months of this year, with a total of 577,000 vehicles sold accumulatively during the period.
Automobile sales for October marked a record high for a single month reflecting special sales promotion measures such as the zero-interest program for automobile loans offered by some automakers.
Inventories are near record lows in proportion to sales, residential construction is less than half the level of the housing boom and vehicle sales are more than 40 percent below five years ago.
The easing of trade tensions between China and the United States has also helped restore consumer confidence,” said Kang, who expects China car sales to grow 0.05% this year.
One member pointed out that automobile sales were already peaking out, and that they were no longer bolstered by sales promotion measures such as the zero interest loan program.
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