BEIJING -- Auto dealerships in China have sustained 138 billion yuan ($19.6 billion) in combined losses this year through August due to an escalating price war, according to industry data.
Automobiles
China auto price war slams dealers with $20bn in losses: report
Industry group recommends calls for financial support, consumer incentives
Cars at a dealership in Shanghai. Dealers have faced pressure from automakers to stock up on inventory despite weak consumer spending. (Photo by Tomoko Wakabayashi)
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