Price war puts China's auto industry in reverse, weak demand stalls profits

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Price war puts China's auto industry in reverse, weak demand stalls profits - Business Standard

Quick Summary:

CADA pointed out that these failures were largely due to liquidity problems across the industry, rather than specific operational issues at the dealerships.

China Grand Automotive Service, the country’s second-largest car dealer with more than 730 outlets nationwide, was delisted from the Shanghai Stock Exchange in August after its stock remained below par value for 20 consecutive days.

It added that this intensified competition has driven dealers’ profit margins down to as low as negative 22.8 per cent between January and August, a sharp decline of 10.7 percentage points compared to the same period last year.