Global automakers' market share in China fell below 30% in the third quarter, further declining from 34.6% in the same period last year, with deliveries totaling only 1.38 million units. According to data from the China Passenger Car Association, total passenger car sales in China decreased by 21.7% year-on-year in the first nine months of this year, while electric vehicle penetration reached a record high of 67% in September.

International brands are facing increasingly fierce competition and electrification transformation challenges in the Chinese market. Consumers, amid an economic slowdown and high oil prices due to the Iran war, are more inclined to purchase lower-priced Chinese domestic electric vehicles. Eric Han, a senior manager at consulting firm Suolei, stated that international brands have failed to make a comeback, and their business prospects are dim in a weak market where consumers are unwilling to buy high-priced cars.

Audi, whose deliveries fell by 19% year-on-year in the first half of this year, announced a new dual-brand strategy on Monday to address the Chinese market. Last month, Chinese state-owned automaker GAC announced plans to acquire a 50% stake in FAW Toyota.