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Passenger car sales decline 12.1% in March

Retail sales of passenger cars in China saw a slower decline of 12.1 percent year-on-year to 1.74 million units in March, according to a monthly report from the China Passenger Car Association. Sales surged 48.2 percent over February on a monthly basis, the fastest growth in recent months, which the report said is partly due to the Spring Festival holiday falling in February. The year-on-year monthly dips in the first quarter still show a steady rebound since the last quarter of 2018. Total sales of passengers cars in the first quarter reached 5.07 million units, a year-on-year drop of 10.5 percent.