Reported 12 months ago
According to data from the Ministry of Transportation, the car market has been affected by the booming real estate market, with car sales in June, the traditional peak season, growing only by 0.3% month-on-month but dropping 1.9% year-on-year, below expectations. Car manufacturers expanded promotional offers to boost sales, but overall market registrations were lower than anticipated. The increase in demand for housing, particularly among young people, has impacted car sales, with domestic car sales falling short of expectations. The industry is optimistic about continued demand and expects the total market to reach 450,000 cars for the year, with July expected to see 42,000 car registrations.
Source: YAHOO