Deals on wheels fail to bolster car sales
Print Edition
CAR sales in China fell for a second straight month in July, despite automakers’ efforts to stimulate the market with a range of price incentives.
Sales of sedans, sport-utility vehicles and multi-purpose vehicles fell 2.5 percent year on year in the month to 1.3 million, according to figures from the China Passenger Car Association.
The dip followed a 3.2 drop in June, the industry’s first in two years, it said.
Summer is traditionally a sluggish time for car sales and this year has seen the level of competition for buyers rise to new levels.
As well as discounts on list prices, companies have been offering purchase tax subsidies, low-cost insurance, zero down payments, interest-free financing and higher trade-in prices.
In the luxury segment, discounts of 30 percent are not rare, the association said.
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