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China's Car Sales Extend Slide as Shift Accelerates to Overseas Markets
Overseas shipments reached 918,000 units in July as domestic retail sales fell to 1.46 million units, the Passenger Car Association said.
- China's domestic passenger vehicle sales slid 21.1% to 1.47 million units in July, while exports surged 88.2% to 923,000, according to data from the China Passenger Car Association released on Tuesday.
- Elevated fuel prices and intense competition weighed on domestic demand, prompting CPCA secretary-general Cui Dongshu to say the downturn proved "more severe than we had expected."
- BYD Co. led the export surge with 173,721 shipments, while Tesla Inc. exported 66,330 vehicles from its Shanghai hub and Leapmotor reported global sales exceeding 100,000 units.
- To offset domestic stagnation, automakers are increasingly leveraging overseas markets, with Geely Auto reaching an agreement to build electric SUVs at Ford's plant in Spain.
- Despite export growth, automakers face persistent margin pressure, with Deutsche Bank analyst Bin Wang warning of "continued margin pressure from increased promotional activities and rising sourcing costs.
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31 Articles
31 Articles
(Shanghai=Yonhap News) Correspondent Cha Byeong-seop = As the Chinese passenger car industry focuses on exports amid sluggish domestic demand and intensifying competition, exports increased by nearly 88% last month...
·Seoul, Korea (the Republic of)
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The collapse in the Chinese car market continues. In July, sales decreased by 21 percent to 1.5 million vehicles. "The high gasoline prices are also pressing in China," says auto expert Ferdinand Dudenhöffer in conversation with Dietmar Deffner.
·Berlin, Germany
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China's car sales extend slide as shift accelerates to overseas markets
·London, United Kingdom
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Demand in the home market is shrinking for the tenth month in a row. At the same time, Chinese producers flood world markets with record exports.
·Vienna, Austria
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Total News Sources31
Leaning Left1Leaning Right8Center3Last UpdatedBias Distribution67% Right
Bias Distribution
- 67% of the sources lean Right
67% Right
C 25%
R 67%
Factuality
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