CHINA's 30,000 car dealers are facing another bleak year with many bleeding from debilitating price war, reports Hong Kong's South China Morning Post.
More than half of the industry's participants failed to achieve their sales targets for 2024, said the China Automobile Dealers Association (CADA). Most of them are either suffering huge losses or struggling with a capital crunch, CADA said.
Price cutting Chinese automakers involving petrol-powered and electric cars resulted in CNY177.6 billion (US$24.3 billion) of losses between January and November, CADA said, declining from CNY84.5 billion in the year-earlier period.
About 27 per cent of the dealers nationwide attained to less than 70 per cent of their projected sales last year, according to CADA, while some 4,000 dealers, or 10 per cent, have shut down.
SeaNews Turkey
More than half of the industry's participants failed to achieve their sales targets for 2024, said the China Automobile Dealers Association (CADA). Most of them are either suffering huge losses or struggling with a capital crunch, CADA said.
Price cutting Chinese automakers involving petrol-powered and electric cars resulted in CNY177.6 billion (US$24.3 billion) of losses between January and November, CADA said, declining from CNY84.5 billion in the year-earlier period.
About 27 per cent of the dealers nationwide attained to less than 70 per cent of their projected sales last year, according to CADA, while some 4,000 dealers, or 10 per cent, have shut down.
SeaNews Turkey