China's car exports stay strong in August but domestic sales decline more

Electric vehicle and plug-in hybrid sales, accounting for 64.7% of total domestic sales, shrank 10.1% on year in August, widening a 3.9% drop a month earlier. Meanwhile, export growth in the segment accelerated to 154.7% from 147.8% in July. As weakness persisted in the world's largest auto market, Chinese automakers intensified their overseas expansion efforts, with BYD and Geely Auto 0175.HK hitting fresh export records last month. Even as trade restrictions tighten, Chinese carmakers have continued to gain traction overseas, expanding their presence in Europe and winning customers in emerging markets with competitively priced, technology-rich models. BEIJING, Sept. 8 (Reuters) - China's car exports stayed robust in August as BYD 1211.HK and other automakers 002594.SZ shipped a record number of vehicles overseas, in sharp contrast to a sluggish domestic market where their sales fell for the 11th month in a row. Passenger vehicle exports jumped 77.5% from a year earlier to 894,000 units in August, easing from an increase of 88.2% a month earlier, data from the China Passenger Car Association showed on Tuesday. Sales at home fell 23.7% to 1.55 million vehicles, worsening from a decline of 21.1% in July. China's vehicle exports are forecast to reach 12 million units this year, according to Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA). Annual exports are expected to climb further to between 18 million and 20 million units by 2030, he said. Among those looking abroad is Xiaomi 1810.HK. The EV latecomer, which is scrambling to meet its annual sales target, has signed agreements with German auto dealers ahead of its planned European launch next year. Seres 601127.SS, which co-develops Aito cars with Huawei, illustrates the growing cost of lagging in the export race. The company faces intensifying competition in China's crowded premium EV segment, while its relatively late push overseas has left it at a disadvantage at a time when exports are becoming a key source of growth. Its total vehicle sales plunged 44% last month. The export boom has raised regulatory concerns that the cut-throat competition battering carmakers, suppliers and dealers domestically could spread to overseas markets. Last week, Chinese regulators issued new guidelines for automakers' overseas operations, warning against frequent or steep price cuts and other non-compliant practices that could harm consumers or tarnish brand reputations. Major automakers, including BYD, Chery 9973.HK and Geely Holding, have pledged compliance with the new guidelines, although regulators have yet to specify penalties for violations.

China's car exports stay strong in August but domestic sales decline more

EV and plug-in hybrid exports accelerate

Exports remain strong as domestic sales weaken

Forecasts, overseas expansion and regulatory concerns

Related News

Nasdaq trade halt continues <GTBP.O> reason not available at 03:58 AM

8x8 survey shows 52% of tech leaders blame CIOs when AI agents err

Kemira launches iron phosphate pilot plant in Sweden to support LFP battery supply chain

Houthi attacks disrupt Saudi energy facilities, wound 73, authorities say

TABLE-North Sea gas maintenance schedule: Adds Kollsnes outages