China's passenger car exports rise 77.5% amid falling domestic sales
In China, passenger car exports in August rose 77.5% year-on-year to 894,000 vehicles, while domestic market sales fell 23.7% to 1.55 million units. Domestic demand has been declining for the eleventh consecutive month, TimesLIVE reports, citing data from the China Passenger Car Association.
Record overseas shipments
Export growth slowed somewhat compared with July, when the figure was 88.2%. At the same time, Chinese automakers BYD and Geely set new export records in August.
Domestic sales of electric vehicles and plug-in hybrids declined by 10.1% year-on-year. This segment accounted for 64.7% of all domestic sales. In July, the decline was 3.9%.
Exports of electric vehicles and plug-in hybrids, by contrast, accelerated: they rose 154.7% after increasing 147.8% in July.
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Expansion into foreign markets
Chinese companies are strengthening their presence in Europe and emerging markets despite tighter trade restrictions. They are attracting buyers with models offering competitive prices and technological features.
Cui Dongshu, secretary-general of the China Passenger Car Association, forecasts that vehicle exports from China will reach 12 million units this year. By 2030, annual shipment volumes could rise to 18–20 million vehicles, he estimates.
Xiaomi has signed agreements with German car dealers ahead of its planned entry into the European market next year. At the same time, Seres, which jointly develops Aito vehicles with Huawei, recorded a 44% drop in total sales in August.
Last week, Chinese regulators issued new recommendations on automakers' overseas activities. They warned companies against frequent or substantial price cuts and other practices that could harm consumers or brand reputations. BYD, Chery and Geely said they intend to comply with these recommendations.
