CHINA AUTO SALES LIKELY TO HAVE SUNK 16% LAST MONTH, TRADE GROUP SAYS

The China Association of Automobile Manufacturers (CAAM) said on Monday that it expects vehicle sales in China to hit 1.93 million units in June, down 16.3% from a year earlier, Yilei Sun and Tony Munroe reported for Reuters.

Auto sales in China, the world's biggest car market, are expected to grow 24.8% between January and June compared with the same period last year, CAAM said.

In May, auto sales in China fell 3% from the same month a year earlier, snapping a streak of 13 consecutive months of gains since April 2020.

Chinese officials have also stomped hard on Tesla, ordering it to fix safety flaws in hundreds of thousands of electric cars produced by the company in China and imported from other countries, as Chinese competitors ramp up their output to give Elon Musk a run for his money.

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