China car sales decline 25%
The Chinese automotive market experienced a sharp decline in August sales, dropping 25% to 1.54 million units, marking an annual decrease of over one-fifth due to the real estate crisis that impacted spending on heavy goods. In an effort to avoid a domestic price war, Chinese companies such as BYD increased their exports, which surged by 78% to 888,000 vehicles, with overseas sales now representing 38% of the total. BYD has raised its foreign sales target for this year to two million units. In August, it was the largest exporter of new energy vehicles from China, selling more than 184,000 cars abroad. International markets remain essential to offset the domestic downturn and support the sustainable growth of Chinese companies.
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