Chinese automakers lean on exports as home car sales slump
September saw China's home car sales fall 28.1 percent to about 1.63 million, the 12th consecutive monthly drop, while overseas shipments surged 73.2 percent to 923,000 units. The EU has suggested a deal could cut Chinese hybrid exports by half.
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What happened
Passenger vehicle sales in China dropped 28.1 percent from a year earlier to about 1.63 million units in September, marking a 12th straight monthly decline. Exports rose sharply over the same period, with shipments up 73.2 percent to 923,000 units as automakers turned to overseas markets. Total vehicle sales fell 8.4 percent to 2.956 million units, while new energy vehicle sales rose 13.6 percent.
Why it matters
The EU has said an arrangement could halve Chinese hybrid vehicle exports.
Timeline
- Oct 12, 1:01 AM ET: China's domestic car sales extended their decline for a 12th successive month while exports kept growing.
- Oct 12, 9:10 AM ET: The EU said an arrangement could halve Chinese hybrid vehicle exports.
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