More than 30,000 mainland Chinese car dealers could see sales turn gloomy in 2025 following a dismal performance in 2024, the South China Morning Post reported Sunday, citing data from the China Automobile Dealers Association.
"The association expects the auto market outlook to be uncertain in the future," the SCMP quoted the report of the car dealers' group.
The prediction comes as more than half of industry participants did not attain their sales goals for 2024, the report said.
Car companies saw losses of up to 177.6 billion yuan between January and November, wider than eth 84.5 billion yuan loss reported in the year-ago period, the report said, citing CADA.
Around 27% of car dealers' sales fell less than 70% of target while 4,000 dealers closed due to financial constraints, the report said.
China's biggest local automakers include Dongfeng Motor Group (SHA:600006, HKG:0489), SAIC Motor (SHA:600104), Chongqing Changan Automobile (SHE:000625), BAIC Motor (HKG:1958), Guangzhou Automobile Group (SHA:601238, HKG:2238), Great Wall Motor (SHA:601633, HKG:2333) and FAW Group (SHE:000800).
Top new-energy vehicle makers include BYD (SHE:002594, HKG:1211), Li Auto (HKG:2015), XPeng (HKG:9868), and NIO (HKG:9866, SGX:NIO).
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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