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Geely Cites Cost Pressure on Chinese Car Brands
China's traditional domestic brands face "tremendous" cost pressure from foreign carmakers and tightening government regulations, says Li Shufu, chairman of Zhejiang Geely Holding Group Co. and Volvo Cars.
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China's traditional domestic brands face "tremendous" cost pressure from foreign carmakers and tightening government regulations, says Li Shufu, chairman of Zhejiang Geely Holding Group Co. and Volvo Cars.
Sales by domestic producers in January-February slid 21% to 457,000 units, and their share of the Chinese market fell to a record low 23%, notes the Financial Times, which cites data from the China Assn. of Automobile Manufacturers.
Analysts point out that domestic producers also face increasing pressure from the new "indigenous" brands being introduced by foreign carmakers at the request of the Chinese government.
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