China’s automakers are increasingly turning to overseas markets as domestic sales slump and factories operate below capacity, intensifying competition with foreign manufacturers already facing an influx of Chinese-made vehicles.
Domestic vehicle sales in China fell 26 percent in September from a year earlier, while exports surged 61.4 percent, according to figures released by the China Association of Automobile Manufacturers (CAAM) on Oct. 12.
China exported 1.05 million vehicles during the month, accounting for nearly 36 percent of total sales, up from roughly 20 percent a year earlier.
Despite the export surge, overall vehicle sales declined 8.4 percent.
The increase in exports offset only about 60 percent of the decline in domestic sales, according to CAAM’s data….