What was the January car sales performance in China?

In January, China's car sales experienced a significant downturn, dropping by 19.5% compared to the previous year, marking the steepest decline in almost two years.

How did new energy vehicle sales perform in China in January?

Sales of new energy vehicles, including electric cars and plug-in hybrids, also declined in January, with a decrease of 22.9%.

What measures are Chinese automakers taking to boost sales?

Automakers are extending vehicle loan repayment terms up to eight years and focusing on overseas markets as NEV exports have more than doubled.

Home / Business and Economy / China's Auto Sales Plunge Amid Fierce Competition

China's Auto Sales Plunge Amid Fierce Competition

11 Feb

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Summary

China's car sales dropped 19.5% in January, the sharpest decline in nearly two years.
New energy vehicle sales also fell significantly, down 22.9% last month.
Automakers are extending loan terms up to eight years to attract cautious buyers.

China's Auto Sales Plunge Amid Fierce Competition

China's automotive sector experienced a significant downturn in January, with overall car sales plummeting by 19.5% compared to the previous year. This marks the steepest decline seen in almost two years, signaling intensified competition and weakening demand in the world's largest auto market.

The electric vehicle (EV) and plug-in hybrid segment, known as new energy vehicles (NEVs), also faced headwinds, with sales dropping by 22.9%. This slowdown contrasts with previous growth trends and highlights broader market challenges.

Automakers are now employing aggressive strategies to attract buyers. These include extending vehicle loan repayment terms to a maximum of eight years, a move aimed at easing the financial burden on consumers strained by a prolonged housing downturn and a weak job market.