[ET Net News Agency, 11 October 2018] Citi Research organized a conference call with
Cui Dongshu from China Passenger Car Association (CPCA) yesterday.
"It's sad to say but we've been pretty pessimistic on the sector, and the industry data
confirms on pessimism as it keeps getting worse. The first 3 weeks of September registered
sharp decline and the 0% growth in week 4 was achieved with much difficulty. Last year
September had solid sales which also negatively impact this month's growth." said the
research house in a research report.
Golden Week sales date suggests worse decline MoM with no recovery in sight, it added.
Citi said the -14% decline in September is even lower than the -7% decline experienced
in August, and exceeded its expectation of -10%.
Citi said economy remains lackluster especially against the backdrop of Sino-US trade
war. Debt and real estate problem is worsening with real estate seeing more problems
recently as its development has reached saturation. This will negatively impact auto
industry. (KL)
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00489 DONGFENG GROUP
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11/10/2018 16:01
[I-bank focus]China Autos data confirm pessimism - Citi
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