HONG KONG (AP) — China’s passenger car exports surged 80% in June from a year earlier, mainly due to strong demand for electric vehicles, though domestic sales fell 26%.In the first half of this year, Chinese passenger vehicle exports jumped 72% to more than 4.4 million, according to the China Association of Automobile Manufacturers.Sales inside China were still larger, at nearly 8.3 million for January-June and around 1.5 million passenger cars in the month of June. China exported about 905,000 passenger cars last month, up from 809,000 in May.China’s domestic car market has been under pressure as the overcrowded market is plagued by fierce price wars. A prolonged slump in the property market has hurt household budgets, hitting demand. Cutbacks in government support for purchases of EVs have also taken a toll. Consultancy AlixPartners forecast that sales of light vehicles including passenger cars in China will likely fall 10%, partly because potential buyers could be holding off on purchases as they wait for prices to fall further. Chinese automakers like BYD have been expanding into overseas markets and setting up factories in key markets. That can help improve their profitability, but it’s added to friction with trading partners.
China’s passenger car exports are up 80% in June as EV demand grows, while sales drop at home
China has reported its exports of passenger cars surged 80% in June from a year earlier, while domestic sales sank 26%, according to an industry group.
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