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Tag Archives: Chinese EV trade war
Conflicting China September 2024 Light Vehicle Sales
As of 25 September, according to the China Passenger Car Association (CPCA), more than 1.1 million vehicles were registered for scrapping and trading-in on the National Auto Trade-in Platform. The actual number of those that have resulted in new vehicle sales remains unclear. If they all did, it would imply that approximately half of the 2.1 million PV sales in September were subsidized. Moreover, auto exports are increasing their importance and significance for the Chinese auto industry. Thus the trade wars will continue. The Chinese government has told giant EV makers BYD, SAIC and Geely to halt investment plans in Europe. This will likely play out globally in other trade blocs and countries. Continue reading
Posted in news analysis
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, China September2024 Light Vehicle Sales, Chinese EV trade war, GlobalData, GlobalData Asia-Pacific Light Vehicle Sales Forecasting Team, Ken Zino, X @KenAutoinformed
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Volvo Cars Posts Q3 Profit of SEK 5.7 Billion off from 6.1B
“However, achieving these ambitions will not be straightforward since the weakness in the market has recently accelerated – a fact also echoed in revised industry forecasts for 2024 and 2025 by third-party analysts. Overall industry demand continues to soften and is now affecting the premium segment. Our journey towards 2026 will not be linear, as our industry is facing an increasingly volatile environment,” said Jim Rowan, chief executive for Volvo Cars. “Macroeconomic headwinds are intensifying, as is geopolitical complexity. Despite these challenges we demonstrated resilience during the third quarter of 2024, which is reflected in our overall financial performance.”
“Given this accelerating weakness in the market and Volvo Cars’ focus on safeguarding value over volume, the company expects minimal volume growth during the fourth quarter. As a result, it now anticipates full-year sales growth of 7-8%, instead of its earlier forecast of 12-15%,” Volvo said. Today Volvo Car AB closed at SEK 22.49, only 0.47% above its 52-week low of 22.38 set on 16 October 2024.
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Posted in auto news, economy, financial results, mobility company, news analysis
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Chinese EV trade war, Jim Rowan, Ken Zino, VOLCAR B:STO, Volvo Cars, Volvo Cars Q3 2024 earnings, X @KenAutoinformed
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October Global Light Vehicle Sales Rate at 93 Million
The Global Light Vehicle (LV) selling rate for October stood at 93 million units/year, according to an analysis released today by the respected GlobalData consultancy.* Year-over-Year, market volumes rebounded from the previous months’ downward trend. YoY sales were up 6% versus October 2023. However, Year-to-Date sales have a modest increase of 1% compared to the same period last year.
“In October, sales experienced a resurgence across most regions. Sales in China grew 5% YoY, as the domestic market saw a modest recovery driven by subsidies and the ongoing price war. In the US, sales grew nearly 12% for the month, driven by additional selling days and new model releases. Finally, sales in Western Europe remained broadly flat, as the region continues to experience significant political and economic headwinds,” the GlobalData forecast team said. Continue reading →