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Automobiles

36 Chinese automakers cut sticker prices, supporting tax breaks

Beijing and local governments team with industry to revive anemic car sales

China looks to jump-start slumping auto sales by offering tax cuts on certain vehicles. (Photo by Takashi Kawakami) 

BEIJING -- The Chinese government and 36 automakers operating in the country have joined hands to revive anemic vehicle sales by offering tax breaks and discounts.

New-vehicle sales sank 12.6% on the year in May, the China Association of Automobile Manufacturers reported Friday, the third straight month of double-digit declines. But one silver lining was that the margin of decrease improved from the 47.6% plunge in April.

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