Jul
18
Big Drop In Sales Is Good For China's Local Car Makers
Posted in: Uncategorized
While global automakers have maintained double-digit sales growth this year, several major Chinese carmakers — Geely, Jianghuai Automobile Co., Great Wall and Chery Automobile — have suffered steep sales declines.
Does this mean these companies are in deep trouble? No, it doesn’t. Instead, it indicates the companies are shedding uncompetitive assets and focusing resources on core products.
In the first six months, Geely’s sales tumbled 29%, while JAC’s plunged 11% and Great Wall’s dropped 6%.Chery’s sales in the first five months plunged 15%; the company has yet to disclose June sales.
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