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China Auto Sales Slump to 17-Month Low Despite Price Cuts

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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 fell 2.5 percent to 1.3 million units, the lowest level since February 2014, according to the China Passenger Car Association. A separate set of figures from the China Association of Automobile Manufacturers showed passenger-vehicle sales declined 6.6 percent, also to a 17-month low. The Stoxx 600 Automobiles & Parts Index of European manufacturers dropped the most in six weeks.