CHINA’S auto sales rose at their slowest pace in five months in October, from a weak base a year ago, underscoring faltering demand due to waning effect of incentives.

The world’s biggest auto market posted sales of 2.51 million units in October, a 6.9% rise from the same month a year ago, according to data from the China Association of Automobile Manufacturers (CAAM) on Thursday.

This time of year is usually a high point in sales for the industry, with consumers making purchases after staying away from showrooms during the stifling summer months.

But a prolonged global shortage of chips disrupted production and dragged sales last year and the weak performance this year would further drag on the recovery of the overall auto sales, which for the first 10 months were 4.6% higher than the same period in 2021, CAAM data showed. (SD-Agencies)