ChinaAuto:ClaireYuanDirectorSoftDemandHeightensCompetitionStephenChanAssociateDirectorChinaManufacturingTeamCorporateRatingsOctober10,2023ThisreportdoesnotconstitutearatingactionKeyTakeaways•Whatdoweexpectoverthenext12months?•China’sdomesticlightvehiclesalestoincreaseby0%-2%in2023-2024.•Growthindomesticelectricvehiclesaleswilldecelerateto15%-25%overtheperiod.•Downsiderisks:•Macroheadwindscastuncertaintyonlightvehicledemand.•Prolongedpricewarsandrisingelectrificationweighoncarmakers’marginsandcashflows.•TradehurdleswouldcomplicateChinesecarmakers’expansionoverseas.•Creditimplication:•RatingdowngraderiskhasheightenedforGeelyentities.ZhejiangGeel...