Foreign auto brands in China saw dismal sales in the third quarter due to competition from local brands, Yicai Global reported Wednesday.

Volkswagen's sales in China fell 10% year over year to about 2.1 million in the first nine months of 2024, the report said.

Porsche's sales fell 29% to 43,000 in the first nine months while Ford logged an 11% fall in sales to 133,000 during the third quarter, the report said.

Stellantis' sales in China, India, and the rest of Asia-Pacific slid 30% year over year to 14,000 in the third quarter, the report said.

While General Motors logged a 14% increase in China sales, the automaker incurred a loss of $100 million during the quarter, the report said.

China's biggest local automakers include Dongfeng Motor (SHA:600006, HKG:0489), SAIC Motor (SHA:600104), Chongqing Changan Automobile (SHE:000625), BAIC Motor (HKG:1958), Guangzhou Automobile (SHA:601238, HKG:2238), Great Wall Motors (SHA:601633, HKG:2333) and FAW (SHE:000800).

(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.)