China Car Prices Drop Most in Almost 2 Years, Agency Says
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China passenger-vehicle prices fell the most in about two years because of a worsening glut at auto dealerships, the nation’s top economic planning agency said.
Average retail prices in May fell 1.1 percent from April, the steepest sequential drop since June 2010, Cheng Xiaodong, head of auto-price monitoring at the National Development and Reform Commission, said in a telephone interview today. Automakers are overstocking cars at a time when dealers are pessimistic about their sales prospects, he said.