|
The data from the China Automobile Dealers Association (CADA),
which was reported by local media on Monday, also showed that
overall sales of imported cars during the first half of 2018
fell 22.1 percent year-on-year to 451,971 vehicles.
CADA published the June data last week and has yet to release
July figures.
In May, China announced that it would steeply cut import tariffs
for foreign-made automobiles and car parts to 15 percent from 25
percent from July 1.
It, however, in July raised tariffs on cars imported from the
United States to 40 percent amid rising trade tensions with
Washington.
"June was the most impacted month," said Wang Cun, director of
the China Automobile Dealers Association's import committee.
"Many car dealers held back their import orders and decided not
to import until July 1," he said.
China imported 1.25 million cars last year, according to data
from the China Association of Automobile Manufacturers.
The tariff cuts announced in May prompted many automakers such
as Japan's Toyota Motor Corp <7203.T> to say at the time that
they would look at adjusting their retail prices in China to
provide competitive offers to customers.
However, firms affected by the higher duties on cars imported
from the U.S. such as BMW AG <BMWG.DE> and Ford <F.N> later
decided to take a profitability hit rather than raises prices
fully on U.S.-produced SUVs.
(Reporting by Sun Yilei in BEIJING and Brenda Goh in SHANGHAI;
Editing by Vyas Mohan)
[© 2018 Thomson Reuters. All rights
reserved.] Copyright 2018 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
 |
|
