Auto sales hit 17-month low de­spite dis­counts

China Daily (Canada) - - FRONT PAGE -

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.

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