General Motors Corp (GM): China's passenger vehicle sales fell for...

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Tuesday, 08/22/2023 11:00:50 AM

Tuesday, August 22, 2023 11:00:50 AM

China's passenger vehicle sales fell for a second month in July, as discounts and government support measures failed to persuade consumers wary of buying cars amid a sputtering economy and a prolonged slump in the housing market.

Automakers are concerned about a demand slowdown as the world's second-largest economy loses its post-pandemic bounce.

Car sales totalled 1.79 million units in July, down 2.6% from last year, data from the China Passenger Car Association (CPCA) showed, the second contraction in a row after a 2.9% slide in June.

https://www.reuters.com/business/autos-transportation/chinas-car-sales-fall-2nd-month-july-price-war-continues-2023-08-08/#:~:text=Automakers%20are%20concerned%20about%20a,a%202.9%25%20slide%20in%20June. $GM

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