The Beijing Auto Show, which opened to the public this week, highlights how intense competition in China has pushed new car prices in the world’s largest auto market down to a fraction of those in the United States.

China’s Changan said on Tuesday that it aims to become one of the world’s top-10 automakers by 2030, while increasing its global sales by more than two-thirds, joining other Chinese carmakers setting ambitious expansion targets overseas.

Chinese electric vehicle (EV) maker Leapmotor announced on Monday that it expects to sell more than 4 million vehicles annually within the next decade, CEO Zhu Jiangming said.

China has announced a two-year work plan aimed at stabilizing and promoting growth in itsautomotive sector.

Germany’s struggling auto market saw a modest rebound last month, thanks to a surge in electric vehicle (EV) sales, according to official data released Wednesday.

Japanese automaker Nissan revealed Thursday that it will cut 9,000 jobs worldwide and reduce its annual sales forecast in response to a "severe situation" facing the company.

Toyota has kept its annual net profit forecast unchanged, despite a 26 percent decline in earnings for the first half of the financial year.