China's auto market has taken a significant hit, with international automakers experiencing a sharp decline in market share as soaring oil prices continue to squeeze consumers. According to the latest data, global brands have seen their market share plummet to just 31 percent in May, a stark contrast to previous years. The collapse in gasoline vehicle demand has been a major factor, as consumers increasingly turn to more fuel-efficient and environmentally friendly options. As the world's largest auto market continues to shift towards electrified vehicles, global brands are facing an uphill battle to regain their footing in the Chinese market.
International automakers suffered deeper market share losses in China as soaring oil prices collapsed gasoline vehicle demand. Global brands held just 31 percent of the market in May. Electrified ...
