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Vehicle sales post back-to-back drop

Chinese auto sales edged down 0.1 percent from a year ago in May, registering two consecutive months of declines for the first time since 2015, as the rollback of a government tax incentive dragged on demand. China auto sales fell to 2.1 million vehicles in May, the China Association of Automobile Manufacturers said on Monday. In April, sales dropped 2.2 percent, the steepest fall in 20 months. In the first five months of 2017, sales grew 3.7 percent from year-ago levels, the association said at a briefing in Beijing. Both production and sales of new energy vehicles in China soared in May. A total of 45,000 NEVs were sold in May, up 28.4 percent year-on-year, while 51,000 NEVs were produced, up 38.2 percent year-on-year. Total auto production stood at 2.09 million in May, down 2.4 percent from that in April and up 0.7 percent on a year-on-year basis.