GM's June auto sales in China still sluggish in face of price cuts

Broad price cuts have failed to boost vehicle sales for General Motors (GM.NYSE) in China, with June seeing only 246,066 cars leave dealers’ lots, Reuters reported, citing a statement from the company. The figure is virtually unchanged from the same month a year ago, compared with a 0.4% year-on-year dip in April – when the automaker switched to reporting retail sales instead of wholesale data for China – and a 4% drop in May. GM has largely failed to counteract sluggish auto sales this year as China’s economy grows at its slowest rate in a quarter-century, despite slashing prices on 40 models in May by up to 20%.