China's two biggest carmakers reported strong sales in October, while smaller rivals face growing pressure in a shrinking domestic market, the South China Morning Post reports.
Electric vehicle maker BYD, based in Shenzhen, delivered 490,168 vehicles at home and abroad last month, 11% more than a year earlier, according to company figures. Hangzhou-based Geely delivered 310,183 petrol and electric cars worldwide, a rise of 1%.
Analysts say the leading manufacturers are using new models and advantages in cost and technology to hold up sales, while the wider market downturn is speeding up consolidation. Shanghai-based independent analyst Gao Shen said the gains made by the top players were adding to the strain on weaker carmakers already struggling to survive fierce competition at home.
Source: South China Morning Post