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Chinese auto sales sink 7.7% in August
BEIJING (AP) — Chinese auto sales sank 7.7% in August from a year earlier, extending a painful slump in the industry's biggest global market.
An industry group, the Chinese Association of Automobile Manufacturers, said Wednesday that sales of sedans, SUVs and minivans declined to 1.6 million.
Chinese consumers are skittish about making major purchases amid an economic slowdown and a trade war with Washington.
The industry has recorded monthly sales declines for more than a year, squeezing automakers that are spending heavily to meet government targets to develop electric cars.
Sales of electric and hybrid vehicles fell 15.8% from a year earlier to 85,000. That market segment has been struggling since government subsidies were reduced in mid-2019.