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%.
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