Chinese auto sales slumped in June as the domestic economy remained sluggish, but buoyant exports offset the decline at home, an industry association said Wednesday.
New cars for export wait for transportation on a vehicles carrier vessel at a dockyard in Yantai in east China’s Shandong province on Nov. 2, 2023. Chinese auto sales slumped in June 2024 as the domestic economy remains weak, but …BEIJING —
In the first six months of the year, exports rose 31.5% while domestic sales edged up 1.6%. The surge in exports comes at a time of growing concern in Europe and the United States that inexpensive China-made cars could overwhelm established automakers in the West. The exports have helped make up for weaker sales of gasoline vehicles in China as the overall market has stagnated and buyers have shifted to electric vehicles and hybrids.
The European Union imposed provisional duties on Chinese electric vehicles last week, alleging that government subsidies give automakers in China an unfair advantage.
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