Chinese carmakers brace for stiffer competition, profitability pressure in 2024

Chinese carmakers brace for stiffer competition, profitability pressure in 2024

FILE PHOTO: President and Managing Director of MG Motor India Private Limited Rajeev Chaba and Chief Commercial Officer MG Motor India Gaurav Gupta pose with MG EHS, Plug-in Hybrid and MG4 pure electric vehicle at the Auto Expo 2023 in Greater Noida, India, January 11, 2023. REUTERS/Anushree Fadnavis

China’s automakers — on track for record sales in 2023 – have little to celebrate in the New Year as a continuing price war squeezes profitability and increased competition in the market for new energy vehicles (NEV) overhangs a key segment for growth.