BEIJING :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.
Car sales totalled 1.79 million units in July, down 2.6 per cent from last year, data from the China Passenger Car Association showed, the second contraction in a row after a 2.9 per cent slide in June.Chinese automakers continued to bet on overseas markets, as domestic growth eased, with exports soaring 63 per cent in July year-on-year following a 56 per cent leap in June.
Rivalries in China's automobile market, the world's largest, have intensified as automakers struggle with weakening demand, deepening price competition.
Source: News Formal (newsformal.com)
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