China Business & Economy

China Auto Association Flags $19 Billion Loss in Emergency Report

China Auto Association Flags $19 Billion Loss in Emergency Report
Electric cars for export waiting to be loaded on a ship at Yantai port, Shandong Province, China, on Jan. 10, 2024. STR/AFP via Getty Images
Catherine Yang
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The China Automobile Dealers Association (CADA) filed an emergency report on Sept. 23, reporting 138 billion yuan ($19.55 billion) in losses in the first eight months of 2024.

Car dealers were forced to sell new cars at steep discounts, and the August discount rate stands at 17.4 percent.

Catherine Yang
Catherine Yang
Author
Catherine Yang has been with The Epoch Times in New York since 2008. She also launched and previously served as chief editor of American Essence magazine and Epoch Health.