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China's low-price offensive, which once shook the global electric vehicle market, is hitting a wall. With declining sales, worsening profitability, and skyrocketing prices for automotive semiconductors, the Chinese automotive industry is facing a "triple whammy." In fact, voices within the industry are even claiming that "market share gained through bargain-price marketing is an illusion." According to the Joint Conference on the Chinese Passenger Car Market (CCTV) on the 30th, retail sales of passenger cars in China from January to May of this year totaled 7.11 million units, a 19% decrease compared to the previous year. During the same period, operating profits for the automotive industry fell by 20% to just 144 billion yuan, and the industry's average operating profit margin dropped to 3.4%. This marks the lowest level in the last five years. Announcer: Sun So-yeon Video Content: Moon Hye-seon Article Content: Sun So-yeon Planning: Kang In-hyung Overall Director: Jung Mi-kyung Production: MTN Money Today Broadcasting #China #EV #SalesVolume *Advertising and Business Inquiries: [email protected]
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