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Business

Vehicle sales fall for second straight month

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2015-06-11 09:34Global Times Editor: Li Yan

Vehicle sales in China fell for a second straight month in May, the first such consecutive drop since late 2011, according to data released by an industry group on Wednesday.

Sales of passenger and commercial vehicles in China totaled 1.9 million units last month, falling 0.4 percent year-on-year and following a 0.5 percent fall in April, the China Association of Automobile Manufacturers (CAAM) said at a news conference.

The last time annual sales declined two consecutive months was October and November 2011.

"Growth in production and sales of automobiles is indeed slowing down," said Yao Jie, deputy secretary-general of the association. "This situation is basically in line with the government's 'new normal' in the economy."

Premier Li Keqiang describes the economy's new stage of development as the "new normal," a period of slowing growth in which the country must shift to more sustainable drivers of growth.

The slowdown in the world's biggest auto market is adding to challenges for many automakers who also face increasing price competition.

Last month, General Motors Co said it had cut prices on 40 models in China.

For the first five months of the year, sales had performed better, rising 2.11 percent year-on-year to 10.05 million units, according to CAAM.

"The growth was driven mainly by sales of sport utility vehicles and multi-purpose vehicles," said Chen Shihua, director of CAAM's industry information department.

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