China’s Auto Sector Faces Sharp Decline Amid Struggling Gasoline Sales

China’s automotive industry witnessed a significant setback recently, with car sales plummeting by a staggering 21.5% in April. The downturn was primarily attributed to diminishing demand for gasoline-powered vehicles fueled by soaring fuel costs. Surpassing predictions, a mere 1.4 million vehicles were sold last month, marking the lowest figure since 2022, a period dominated by pandemic-induced lockdowns. Internal combustion engine automobile sales bore the brunt of this downturn, plummeting by over 30%. Despite this, electric vehicle (EV) and hybrid sales also reported a decline, albeit less severe at approximately 6.8%. Notably, the EV market experienced setbacks owing to the reduction…