Chinese carmakers face price war, growing EV competition in 2024

China’s automakers — on track for record sales in 2023 — have little to celebrate in the New Year as a continuing price war squeezes profitability and increased competition in the market for new energy vehicles overhangs a key segment for growth.

Domestic and export deliveries jumped 10.8% to 26.94 million units through November. The China Association of Automobile Manufacturers expects promotions in December to push full-year sales beyond 30 million vehicles.

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