China's August Auto Exports Up 77%, Domestic Sales Fall for 11th Straight Month

MacroCommodity
โดย Reuters·CN·Read original
Summary · why it matters

According to data released by the China Passenger Car Association (CPCA) on the 8th, August auto exports rose 77.5% year-on-year to 894,000 units. Although the growth rate slowed from July's 88.2%, BYD and Geely Automobile hit record highs. Meanwhile, domestic sales fell 23.7% to 1.55 million units, marking the 11th consecutive month of decline, with the rate of decline widening from July's 21.1%. Sales of electric vehicles (EVs) and plug-in hybrids (PHVs), which account for 64.7% of domestic sales, decreased by 10.1%, but exports in this segment accelerated with a 154.7% increase. Seres Group saw a sharp 44% drop due to intensifying competition in the domestic premium EV market and delays in overseas expansion. CPCA Secretary-General Cui Dongshu predicts that exports will reach 12 million units this year and increase to 18-20 million units annually by 2030.

Impact on stocks 3

Electrification & Mobility± Mixed · 2 stocks
Seres Group Co.,Ltd
9927
▼ NegativeCompetitionrelevance

Seres Group saw a sharp 44% drop due to intensifying competition in the domestic premium EV market and delays in overseas expansion.

Others▲ · 1 stocks
BYD Co Ltd Class A
002594
▲ PositiveDemandrelevance

BYD hit record export highs as China's August auto exports rose 77.5% year-on-year.

Theme Impact 4

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