March 9, 2018 / 6:37 AM / 12 days ago

China Feb vehicle sales fall 11.1 pct y/y - industry association

BEIJING, March 9 (Reuters) - China’s vehicles sales in February fell 11.1 percent from a year earlier to 1.7 million vehicles, an industry body said on Friday, as growth in the world’s largest auto market reversed after a rapid start to the year.

The steep drop comes after vehicle sales in January rose 11.6 percent from a year earlier, the fastest pace in 11 months.

Sales in the first two months of the year were impacted since the major Chinese New Year holiday was in February this year, while it fell in January in 2017, meaning there were fewer working days in February this year.

The China Association of Automobile Manufacturers (CAAM) has predicted a 3 percent market growth this year, in line with 2017 but significantly below the steep 13.7 percent gain in 2016. (Reporting By Lusha Zhang and Adam Jourdan; Editing by Subhranshu Sahu)

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