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Carmakers Race to Meet Targets in China as Price Cuts Backfire
- None of 10 major automakers hit 50% of sales goal by end-June
- Consumers holding back due to expectations for better bargains
WATCH: Carmakers Race to Meet Targets in China
Source: Bloomberg
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China’s top automakers are falling behind their sales targets, suggesting the price war that embroiled the world’s biggest car market in the first half of the year will persist as manufacturers race to meet their goals.
Of 10 major manufacturers studied by Bloomberg, none had reached 50% of their annual sales goals at the mid-point of the year. Li Auto Inc. was best placed, but only hit 46% of its target by the end of June. Top-selling brand BYD Co. got to 42% after more than doubling its 2023 objective to 3 million vehicles.