CAAM: China's auto industry sees widening divergence between domestic weakness, export strength and NEV growth

The drivers of China’s auto industry are diverging further every month, with exports remaining robust while domestic sales stay under pressure, according to the China Association of Automobile Manufacturers (CAAM). Similarly, new energy vehicles (NEVs) continue to gain market share while that of traditional internal combustion engine vehicles (ICEVs) continues to contract, it suggested in its latest release on October 12.

The latest auto production and sales data CAAM released on Monday showed that China's cumulative auto sales and production declined by a larger 4.5% on year to sit at 23.27 million units and 23.25 million units respectively over January-September, further widening from January-August's 3.8% decline. The poor result for September was blamed, with China's auto sales and