Korean Media: 918,000 Vehicles, China's Passenger Car Exports Surge 88% in July!
On September 12, South Korean media outlet JoongAng Ilbo published an article stating that China's passenger car industry is increasingly focusing on exports, with a nearly 88% increase in exports in July.
Data from the China Passenger Car Market Information Coalition shows that nationwide retail sales of automobiles declined by 20.9% to 1.461 million units in July, while export volumes rose by 87.8% to 918,000 units.
Bloomberg reports that this means approximately 41% of cars produced in China in July were exported—up from around 21% during the same period last year.
Domestic sales of internal combustion engine (ICE) vehicles dropped sharply by 41%, while sales of new energy vehicles (NEVs), including electric vehicles, fell only 3.9%. As a result, NEVs now account for 65% of total vehicle sales in China.
In July, BYD was the top exporter of new energy vehicles, shipping over 173,000 units.
Tesla's Shanghai factory exported more than 66,000 vehicles in China during July, with domestic sales exceeding 27,000 units.
Regarding weak domestic demand, analysts suggest that reduced foot traffic at physical stores due to summer heatwaves and declining demand for ICE vehicles driven by rising international oil prices are contributing factors.
Meanwhile, the automotive industry is facing mounting profitability pressures; the sales profit margin for the first half of this year stood at 3.8%, below the manufacturing sector’s average of 6.5%.
Original Article: toutiao.com/article/1876126947684425/
Disclaimer: The views expressed in this article are solely those of the author.