China's car sales fall for 2nd month in July as price war continues

China's passenger vehicle sales fell for a second month in July, as discounts and government support measures failed to persuade consumers wary of buying cars amid a sputtering economy and a prolonged slump in the housing market.

Automakers are concerned about a demand slowdown as the world's second-largest economy loses its post-pandemic bounce.

Car sales totalled 1.79 million units in July, down 2.6% from last year, data from the China Passenger Car Association (CPCA) showed, the second contraction in a row after a 2.9% slide in June.

Still, for the first seven months of the year, sales were up 1.7% at 11.44 million units.

Chinese automakers continued to bet on overseas markets, as domestic growth eased, with exports soaring 63% in July year-on-year following a 56% leap in June.