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Gree loses air conditioner market crown to rival

Midea competes with big subsidies to consumers and targets online buyers

Gree lost the top spot in China's air conditioning market to rival Midea in the first half of 2020, the first time in least two decades that it was not the No. 1 seller.   © Reuters

China's air conditioner market has been jolted by Gree Electric Appliances's surrender of its sales crown to rival Midea Group.

In the six months through June, Gree sold 41 billion yuan ($6 billion) worth of air conditioner products, compared with Midea's 64 billion yuan, according to data from the two companies' semiannual earnings reports released Monday.

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