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.
