China's biggest carmaker SAIC Motor reports dropping January sales

BEIJING - China's biggest carmaker SAIC Motor reported dropping sales in January as the growth of the country's automobile sector slows down.

The company sold 611,502 cars in the first month of 2019, down 14.13 percent year-on-year.

The Shanghai-based listed carmaker saw its annual sales last year edge up 1.75 percent year-on-year, with an expected 4.6-percent increase in net profit.

Data from the China Passenger Car Association showed that January sales dipped 2 percent year-on-year, narrowing down from the drop in December 2018.

Annual sales in the world's largest auto market amounted to 22.4 million in 2018, down 5.8 percent year-on-year, the first annual decline in more than 20 years.