Car Wholesales in China Plunge 17%

Factory deliveries of new passenger vehicles to dealers in China dropped 17% to 1.22 million units in February, according to the China Assn. of Automobile Manufacturers.

The decline compares with a 16% drop in January and marks the eighth consecutive month of shrinking wholesales, Reuters reports. CAAM blames last month’s result on weak demand during the normally strong Chinese New Year holiday.

One bright spot: CAAM says February wholesales of commercial vehicles grew 8%.