Auto sales growth hits two-year low
8 August 2008
Mainland passenger car sales growth slowed to 6.8% year-on-year in July, the weakest level in two years, the South China Morning Post reported. Demand for cars has reportedly been weakened by rising fuel prices and consumers delaying purchases of new vehicles until after the Beijing Olympics. The China Association of Automobile Manufacturers said total sales of passenger cars, sport utility vehicles and multipurpose vehicles reached 488,200 during the month, putting auto sales for the first seven months of the year at 4.1 million, 16% higher than the same period last year.