Car manufacturers in China have found buyers for 2,440,000 vehicles in January, including both domestic and export sales. While this is 47.9% better than the year before, it is still 22.7% less than in December, Reuters reports.
Corporations and industry observers alike regard the Chinese car market with considerable pessimism. The growth seems to be all but over, with the market shrinking for the first time since August 2023. With the real estate and stock markets failing, the situation has all the telltale signs of a crisis.
Environmentally clean transports, including electric cars, hybrids and other new energy vehicles (NEVs), are also struggling to stay relevant. The numbers look good year-on-year with a 78.8% increase in sales and a resulting NEV market share of 29.9%. However, compared to December, their sales have plunged by 37% in January.