China’s passenger car market experienced a notable slowdown in October, with even industry giants like BYD and Tesla reporting declines in sales. According to the China Association of Automobile Manufacturers (CAAM), year-on-year sales growth dropped to 4.4%, a significant decrease from September’s 11.2% and August’s 15.1%. This slowdown comes amid intense price competition in an already saturated market. However, the export of electric vehicles (EVs) and plug-in hybrids saw a remarkable surge, doubling from the previous year to approximately 250,000 units, as automakers increasingly target overseas markets.
China’s car sales slow in October as some trade-in subsidies, tax breaks are phased out
