(Yicai) June 8 -- Price cuts in the Chinese market for new fuel-powered cars are accelerating, with those of 32 models down in the first five months of the year, 13 more than a year ago, according to data from the China Passenger Car Association. Sticker prices on seven were cut last month alone.

The average price of a new fuel vehicle fell 15 percent to CNY166,000 (USD24,470) in May from a year earlier, while the average price of a new passenger car dropped 13 percent to CNY241,000, said CPCA Secretary-General Cui Dongshu.

Across the entire passenger car market, the number of discounted vehicles fell to 77 from 81 in the January to May period from a year ago. Fuel vehicles made up over 40 percent of the total, highlighting their drag on the overall market.

The luxury segment has not been spared, with cuts reaching 25 percent in May. The imported BMW X2 saw the steepest reduction. Its minimum suggested retail price last month was CNY248,000, down 22 percent from its lowest price over the past two years.

Tougher competition and market conditions have led more luxury brands to cut prices, Cui said. To protect dealers’ margins and consumers’ interests, they have started lowering suggested retail prices, while actual sales prices have remained broadly stable, he noted.

Editors: Tang Shihua, Martin Kadiev