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Market Chatter: China Auto Sales Slump for Seventh Month in April, But Exports Surge

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China's domestic car sales fell for a seventh consecutive month in April, dropping 22% year on year to 1.4 million vehicles, Reuters reported Monday, citing data from the China Passenger Car Association.

The CPCA said combustion engine cars underperformed due to high oil prices, while plug-in hybrid demand also remained sluggish, according to the report.

Sales of electric vehicles and plug-in hybrids, which made up 61% of total sales, declined 6.8%,. This marked a fourth straight month of losses, Reuters wrote.

EV and plug-in hybrid exports jumped 112% from a year earlier, exceeding the 80% rise in overall car exports, according to the report. Global fuel price spikes, driven by the U.S.-Israeli conflict with Iran, boosted overseas EV demand.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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