BEIJING, China (AP) — China’s auto sales growth tumbled to 3.7 per cent in August, further deepening an economic slowdown, data showed Monday.
Customers bought 1.23 million cars, according to a governmentauthorised industry group, the China Association of Auto Manufacturers. The lower growth extended a steady decline from July’s 11 per cent rate and June’s 15.8 per cent.
The slowdown is a blow to a global auto industry that is looking to China, the biggest market by number of vehicles sold, to drive sales growth amid weak demand in US and European markets.
General Motors Co, Ford Motor Co and other global brands say their sales are growing faster than the overall market. That is squeezing smaller Chinese brands.