Car Wholesales in China Drop 4%

Factory sales of passenger vehicles in China fell to 1.72 million units in April from 1.79 million in the same month last year, according to the government-backed China Assn. of Automobile Manufacturers. It was the market’s largest monthly decline since July 2015.

CAAM says demand for commercial vehicles last month rose 5% to 362,000 units.

Last year retail cars sales in China climbed 16% to 23.9 million units, the fastest growth rate in three years. But the pace slowed to 5% through the first four months of 2017. Analysts blame higher purchase taxes on vehicles with engines displacing no more than 1.6 liters.