China car sales down 4th straight month

Fox Business

Car sales in China fell again in October, down 11.7 percent from a year earlier.

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That marks the fourth straight month of declining sales in the world’s largest auto market.

The sales drop to 2.38 million vehicles comes amid broader slowing economic growth and a biting trade war between China and the United States, according to reuters.

The October drop follows an 11.6 percent fall in September and a 3.8 percent decline in August.

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The October drop set a record for the steepest monthly fall since a 26.4 percent tumble in January 2012.

The China Association of Automobile Manufacturers (CAAM) said overall sales for the first 10 months of the year are down 0.1 percent from the same period a year earlier.

The industry body did not immediately give a reason for the drop in October, but last month cited the impact a sluggish economy and the trade war are having on sales.

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