Global automakers struggling to keep up with China's NEV transition [Yahoo! Finance]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Yahoo! Finance
the country's automakers falling by 5% year-on-year in each of July and August, and 2% in September according to analysis of passenger and commercial vehicle wholesale data compiled by the China Association of Automobile Manufacturers (CAAM). This is increasing pressure particularly on many long-established local manufacturers and foreign joint ventures. Overall vehicle sales in the first nine months of 2024 were still up by just over 2% to 21.571 million units from 21.069 million in the same period of last year. Light passenger vehicle sales rose by 3% to 18.679 million units while commercial vehicle sales fell by 2% to 2.892 million units. Overall volumes were supported by a 27% increase in exports to 4.312 million units, including a 12% rise in new energy vehicles (NEV) shipments – comprising mainly BEVs and plug-in hybrids electric vehicles (PHEVs), to 968,000 units. Domestic sales, on the other hand, fell by 5% to 17.259 million units from 18.183 million, including 7.392 millio
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