Price Wars Plague Chinese Car Manufacturers ...Middle East

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Price Wars Plague Chinese Car Manufacturers
source : OILPRICE ( Middle East ) () 59
Continued weaker demand for hybrid vehicles slowed the growth in China’s new energy vehicles to 12% in July from nearly 20% in June, according to official Chinese data published on Friday. Overall Chinese car sales also saw slowing growth last month, as the government is trying to tackle the overcapacity in the vehicle manufacturing sector, which has led to price wars and losses for many automakers. Total car sales in China grew by just 6.9% in July, compared to an 18.6% annual rise in June, per data from the China Passenger Car Association…

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