Oil prices to blame for China’s auto sales slump

Auto sales in China grew at their lowest rate in two years last month, signaling a slowdown in the huge market which had provided strong growth for global automakers in recent years. According to the China Association of Automobile Manufacturers, sales of domestically built vehicles grew 6.8 percent in July to 488,200 cars and light trucks. It attributed the slower growth to high oil prices, which have cut demand in other major markets, notably the United States and more recently in Western Europe. The association expects sales in China to keep growing in coming months, but at a slower pace. More at Detroit News