Kaixin Holdings (KXIN)

[boston127]

China in economic slowdown. Car sales are exception.

- Retail sales growth is anemic, with consumer spening and confidence very low.
- Their youth unemployment rate is almost 20%.
- They have millions of vacant apartments and their real estate prices are falling through the floor.
- Their government is running out of money.

China's car sales in 2023 set record highs, with 30.09 million vehicles sold, a 12% increase from the previous year. This was the first time China's vehicle sales exceeded 30 million units.

China's car sales in 2024 are expected to be positive, with new energy vehicles (NEVs) accounting for close to 50% of domestic sales. In the first half of 2024, new vehicle sales increased 6.1% year-on-year to 14,045,000 units.

In August 2024, NEV sales increased 30.02% to 1.1 million units, accounting for 44.8% of total car sales. 💥💥