China’s passenger vehicle sales fell in January, 14.1 per cent compared to the previous month, marking the first decrease since August, according to the China Passenger Car Association (CPCA) on Thursday, Reuters reported.
The sales reached 2.05 million units, a 57.1 per cent increase from the same period last year.
However, battery electric vehicle sales dropped 37 per cent from the previous month, significantly below expectations and putting pressure on the growth of the auto market.
The association’s secretary general, Cui Dongshu, anticipates a fierce price war among automakers in 2024. Over 40 brands participated in the price war that Tesla sparked in China in 2023.
Despite Tesla’s renewed discounting efforts at the beginning of 2024, demand in the world’s largest auto market waned.
