Latest news with #priceCompetition
Asharq Al-Awsat
16 hours ago
- Automotive
- Asharq Al-Awsat
China's Car Sales Rise in May, but Price Wars Cloud Outlook
China's car sales rose for a fourth consecutive month in May, but slower increases across major automakers highlighted concerns over aggressive price competition in the world's largest auto market. Sales grew 13.9% from a year earlier to 1.96 million vehicles last month, slowing from 14.8% growth in April, China Passenger Car Association (CPCA) data showed on Monday. Sales of electric vehicles and hybrids rose 28.2% year on year, down from a 33.9% gain in April. Leading EV maker BYD reported decelerating annual passenger vehicle sales growth to 14.1% last month from April's 19.4% despite a new round of subsidies and incentives late in the month. Other major automakers, including Geely and Chery, also reported slower growth as the industry's attention shifted to price wars that have raised concern over a potential market shakeout. Authorities have warned that such price wars threaten the industry's long-term health, with the sentiments echoed by leading manufacturers such as BYD, Chery and Xiaomi. The CPCA's secretary-general, Cui Dongshu, said the industry should focus on quality and technology innovation and that leading automakers should lower their sales targets for this year. CPCA data also showed that car exports rebounded, rising 13.5% year on year in May, reversing a 2% decline in April.
Yahoo
17 hours ago
- Automotive
- Yahoo
China's car sales rise in May, but price wars cloud outlook
BEIJING (Reuters) -China's May car sales rose for a fourth consecutive month, but slower sales rises across major automakers, although the pace of growth slowed, highlighting concerns over aggressive price competition in the world's largest auto market. Sales grew 13.9% from a year earlier to 1.96 million vehicles last month, easing from a 14.8% increase in April, data from the China Passenger Car Association showed on Monday. Sales of electric vehicles and hybrids rose 28.2% year on year, down from a 33.9% gain in April. Leading EV maker BYD, reported decelerating annual passenger vehicle sales growth to 14.1% last month from April's 19.4%, despite launching a new round of subsidies and incentives late in the month. Other major automakers, including Geely and Chery, also reported slower growth as the industry's attention shifted to intensifying price wars, which have raised concerns about a potential market shakeout. Authorities have called for an end to these price battles, warning that they threaten the industry's long-term health and sustainability. Leading automakers such as BYD, Chery, and Xiaomi have echoed this sentiment. Meanwhile, exports rebounded, rising 13.5% year-on-year in May, reversing a 2% decline in April, according to CPCA data. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
17 hours ago
- Automotive
- Reuters
China's car sales rise in May, but price wars cloud outlook
BEIJING, June 9 (Reuters) - China's May car sales rose for a fourth consecutive month, but slower sales rises across major automakers, although the pace of growth slowed, highlighting concerns over aggressive price competition in the world's largest auto market. Sales grew 13.9% from a year earlier to 1.96 million vehicles last month, easing from a 14.8% increase in April, data from the China Passenger Car Association showed on Monday. Sales of electric vehicles and hybrids rose 28.2% year on year, down from a 33.9% gain in April. Leading EV maker BYD ( opens new tab, reported decelerating annual passenger vehicle sales growth to 14.1% last month from April's 19.4%, despite launching a new round of subsidies and incentives late in the month. Other major automakers, including Geely and Chery, also reported slower growth as the industry's attention shifted to intensifying price wars, which have raised concerns about a potential market shakeout. Authorities have called for an end to these price battles, warning that they threaten the industry's long-term health and sustainability. Leading automakers such as BYD, Chery, and Xiaomi ( opens new tab have echoed this sentiment. Meanwhile, exports rebounded, rising 13.5% year-on-year in May, reversing a 2% decline in April, according to CPCA data.
