Fall in June auto sales points to grim outlook for once-thriving sector

A sharp fall-off of in June of 3.4% in year-on-year automobile sales in China has altered perceptions in an industry that as recently as March saw sales climb 9.4% higher, The Financial Times reported, citing figures from the China Association of Automobile Manufacturers. “It will be quite challenging for carmakers because the market is cooling and the trend will not be reversed anytime soon,” said Teng Bingsheng, a professor at the Cheung Kong Graduate School of Business. Analysts at Barclays recently revised their 2015 outlook for passenger car sales growth sharply downward, from 8.5% to 1.7%.