SHANGHAI — Car sales are weighing on China’s consumption growth as domestic electric vehicle makers roll out cheaper models to boost market share.
Retail sales grew 5.1% year-on-year in April, according to official statistics released this week, falling short of the market consensus of 6%. While growth was sustained by the government’s trade-in policy on electrical appliances, a major drag was car sales, which grew 0.7% in value. Excluding cars, retail sales increased 5.6%.
