Automakers feel China heat as buyers desert showrooms - CNBC
The 37-year-old food company executive lost nearly $6,500 when shares tumbled in June and July, and can't now afford the new Volkswagen Tiguan sport-utility vehicle he had his eye on. "I can't draw money," Zhang said, "I'll wait until (the market)... Sales for January to July grew only 0. 4 percent, the slowest first seven months of the year since at least 2009, and global brands from Ford Motor Co to Nissan Motor Co are bracing for a sustained period of dwindling demand and depressed prices. At Volkswagen AG, China's best-selling car brand, a regional manager at a sales subsidiary said the automaker is pressing for staff to continue to meet targeted sales numbers to protect its market share, forcing inventory on dealers that will bite... At Ford, sixth-largest by sales in China, officials are working to find ways to match uncertainty over the future of sales trends with the necessity to plan production. Last Friday the automaker said it sold 6 percent fewer cars in July than in the same month last year,. Source: www.cnbc.com
