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The Changing Landscape of the Chinese Car Market
The Chinese economy has seen significant shifts in recent years, particularly in the realm of its automotive industry. With the once-thriving property sector taking a backseat, the car market has emerged as a key pillar of the nation's economy. As of 2024, it is estimated that the vehicle industry contributes around 10% to China's GDP, with a growing number of manufacturers entering the fray. However, several recent factors, including tariffs from the United States and the European Union, along with an ongoing price war among manufacturers, pose significant challenges to this burgeoning sector.