Reuters reports that data from the China Association of Automobile Manufacturers (CAAM) showed that China's vehicle sales slid 17.8% in August from a year earlier, falling for a fourth consecutive month.

Overall sales in China stood at 1.8 million vehicles in August. China's vehicle sales jumped 13.7% in the first eight months of 2021 from the same period a year ago, as the market recovered from pandemic lows.

CAAM now expects 2021 growth to be slower than a previously forecast 6.5%, said Chen Shihua, a senior official at CAAM.

A prolonged global chip shortage has unsettled major automakers including Ford Motor, Honda Motor, General Motors and Volkswagen, forcing many to idle or curtail production.

The shortage was unlikely to be resolved soon as the pandemic rages on in many parts of the world, Chen said.