A sales decline of 6 per cent is rarely a cause for celebration. But last week the top foreign car manufacturer in China by sales hailed it as a “solid performance”.
The statement by Germany’s Volkswagen is a sign of the gloom surrounding car groups in the world’s biggest automotive market, where sales fell for the first time in almost three decades last year.
VW’s 6.3 per cent drop in the first quarter against an overall market decline of 14 per cent in the period follows an economic slowdown that has cast a cloud across the sector.
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