Auto sales hit 17-month low despite discounts
Chinese consumers bought the fewest passenger vehicles in 17 months in July, extending a slump in the world’s largest auto market as deeper discounts failed to revive demand.
Retail deliveries declined 2.5 percent to 1.3 million units, the lowest level since February 2014, according to the China Passenger Car Association. Sedan sales tumbled 14 percent, while sport utility vehicles deliveries climbed 39 percent.
Automakers are cutting production in China and warning of a looming price war as a slowing economy and government curbs on registrations weigh on demand.