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China's Car Sales Slump 22.3% in May

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China's car sales dropped for the eighth straight month in May, posting a 22.3% year-on-year decline to 1.5 million vehicles, Reuters reported Monday, citing data from the China Passenger Car Association.

Sales between January and May fell 19.7% to 7.2 million units, according to the media outlet.

The decline reflected the impact of the oil price hikes brought by the Middle East conflict, according to the CPCA's secretary general, Cui Dongshu, the report said.

The association said sales for the entire year were forecasted to dip 11%, wider than the predicted 1% decline, according to Reuters.

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