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Great Wall Motor August Sales Slip Amid Weak Domestic Demand

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Great Wall Motor August Sales Slip Amid Weak Domestic Demand

Great Wall Motor's (HKG:2333, SHA:601633) August vehicle sales fell 1.9% year over year to 113,396 units, while sales for the first eight months rose 2% to 805,358 units, according to a production and sales update.

Overseas sales reached 62,517 units in August, bringing the year-to-date total to 415,958 units.

New energy vehicle sales rose to 40,700 units in August, with sales for the first eight months reaching 219,985 units.

Among its brands, Haval sales fell 5.7% year over year to 64,960 units in August, while WEY sales declined 8.2% to 7,367 units. Great Wall Pick-up sales fell 7.8% to 12,288 units.

ORA sales more than doubled to 11,018 units, up 111% year over year, while TANK sales fell 11% to 17,737 units.

Production totaled 118,316 vehicles in August, up 4.5% from a year earlier. Year-to-date production reached 854,229 units, up 8.8%.

China's auto market remains under pressure, with July sales falling for a 10th straight month, although the pace of decline eased, as automakers increasingly look overseas for growth amid fierce competition at home.

Sales at home fell 21% last month from a year earlier to 1.5 million vehicles, while exports rose 88% to 923,000, data from the China Passenger Car Association (CPCA) showed, according to a Reuters report.

The weakness highlights broader strains in China's economy, where sluggish household spending is making exports an increasingly important source of growth.

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