Retail in Asia

In Sectors

China’s car sales set to stall amid rising wholesale deliveries

Prices of passenger vehicles in China fell the most in about two years because of a worsening glut at car dealerships, the top economic planning agency said.

Average retail prices last month fell 1.1 percent from April, the steepest sequential drop since June 2010, Cheng Xiaodong, head of car price monitoring at the National Development and Reform Commission, said last Tuesday. Carmakers were overstocking vehicles at a time when dealers were pessimistic about their sales prospects, he said.

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(Source: scmp.com)