Volkswagen slashes China car prices to match GM

Newswire

SHANGHAI, June 17 (Reuters) - Volkswagen AG has cut car prices in China by up to 11.7 percent from Thursday, matching General Motors and heating up their intense rivalry in a decelerating market. Car prices have been falling in China for years, but cuts are taking on new significance this year as Beijing applies the brakes to slow a racing economy and restricts auto loans, keeping potential buyers at home. Auto sales in China skidded 19.4 percent in May from April, the second straight ...

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