Auto market demand slowing

Automakers in China delivered a record number of cars to dealers in the first nine months of the year even as retail demand slowed, setting up the market for a slowdown in 2023, a leading Chinese brokerage said on Wednesday, reports Reuters.

Automakers had delivered 1 million vehicles to dealers in China over the first nine months of this year, a record volume for the world’s largest auto market, analysts at China Merchants Bank International said.

In September, deliveries to dealers rose by 33%, while retail sales climbed only 9%, meaning that inventories on dealer lots jumped, a trend that could create an overhang that will weigh on sales next year, they said.