China Car Sales Drop Accelerates on Slowing Economy, Trade War
- Retail sales of cars, SUVs and MPVs falls 5.4% in July
- China’s economy shows signs of weakness as yuan depreciates
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Chinese car sales slumped for a second consecutive month as a slowing economy and a tit-for-tat trade war with the U.S. kept consumers away from showrooms.
Retail sales of cars, SUVs and multipurpose vehicles fell 5.4 percent to 1.6 million units in July, the China Passenger Car Association said Wednesday. That compares with a 3.7 percent drop in June and trimmed the year-to-date growth in the world’s biggest automobile market to 2 percent.