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

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.