| 4:06 AM EST

May Car Wholesales Fell 16% in China

Factory sales of new cars to dealers in China dropped 16% to 1.91 million units in May, according to the China Assn. of Automobile Manufacturers.
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Factory sales of new cars to dealers in China dropped 16% to 1.91 million units in May, according to the China Assn. of Automobile Manufacturers.

It was the 11th consecutive month of year-on-year shrinkage in the world’s largest national market. Last year, retail sales of passenger vehicles in the country slid 6% to 22.7 million units, marking the first full-year decline in at least 20 years.

CAAM says growth in sales of electrified vehicles slowed to 2% (104,000 vehicles) in May. Last year demand for the so-called new-energy vehicles soared more than 60%, thanks to heavy government incentives.

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