The Traderszone Network

Published in TZ Latest News 10 August, 2015 by The TZ Newswire Staff

Automakers feel China heat as buyers burnt by stocks rout desert showrooms

The great Chinese stock slump that first whacked luxury car sales is spreading to mass-market brands as wannabe customers like Zhang Jiabin count the cost of soured investments. The 37-year-old food company executive lost nearly $6,500 when shares tumbled in June and July, and can’t now afford the new Volkswagen Tiguan sport-utility vehicle he had his eye on. Auto sales in China fell 7.1 percent in July from a year earlier as many more who lost out in a trillion-dollar share slump joined Zhang in delaying purchases.