Chinese carmakers’ shares slide after industry association said auto market demand remained weak
MARKET STOCKS
Chinese carmakers’ shares slide after industry association said auto market demand remained weak
MARKET STOCKS

Chinese carmakers’ shares slide after industry association said auto market demand remained weak

 

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Chinese automakers are sliding on Monday, with Brilliance China down 9% in Hong Kong, Leapmotor down 6.5%, Great Wall Motor down 4.9%, Nio down 4.2% and BYD Company down 2.1%.

China’s domestic auto market demand remains weak and effective demand has not been fully released, said Chen Shihua, deputy secretary general of the China Association of Automobile Manufacturers.

For now, the association maintains the forecast made in January that China’s auto market will show a stable and positive development this year, with an annual growth of about 3%, said Chen.