China’s annual auto sales climb for first time since 2017

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Overall sales in the world’s biggest car market rose 3.8% year-on-year, after monthly sales of 2.79 million vehicles in December took total sales for 2021 to 26.28 million



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Last month, CAAM said it expects auto sales to rise 5.4% to 27.5 million this year.

Last year, auto sales in China rose for the first time since 2017, industry data showed on Wednesday, spurred in part by a 1.5-fold increase in sales of new-energy vehicles (NEVs). . Overall sales in the world’s biggest car market rose 3.8% year-on-year, after monthly sales of 2.79 million vehicles in December took total sales for 2021 to 26.28 million, according to data from the China Association of Automobile Manufacturers (CAAM).

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Production and sales are expected to be better in 2022 than last year on the expectation that issues such as chip shortages and high raw material prices ease, CAAM said in a statement.

After decades of optimistic growth, China’s auto market began to contract in 2018 under pressure from the phasing out of some tax cuts, a trade war between Washington and Beijing and amid fallout from the coronavirus pandemic. COVID-19.

The market had started to rebound in mid-2020, but was dragged down by a global shortage of semiconductors, used in everything from brake sensors to power steering to entertainment systems, which led automakers around the world to scale back or suspend production.

Auto sales in China in December fell 1.6% from a year ago, the eighth consecutive monthly decline, CAAM data showed.

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China to cut subsidies on NEVs, like electric cars, by 30% in 2022

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But NEV sales were a bright spot, including battery electric vehicles, plug-in gasoline-electric hybrids and hydrogen fuel cell vehicles, showing strong momentum with growth of 157.5% at 3, 52 million units in 2021.

In December alone, 531,000 NEVs were sold, up 114% year-on-year. In recent years, China has heavily promoted NEVs as part of its efforts to reduce air pollution.

Last month, CAAM said it expects auto sales to rise 5.4% to 27.5 million this year, and NEV sales to rise 47% to 5 million.

China will cut subsidies on NEVs, like electric cars, by 30% in 2022 and phase them out altogether by the end of the year, believing the market has matured enough in terms of demand to grow without help from the industry. ‘State.

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But while China’s electric vehicle market is booming, most foreign automakers have lagged behind their Chinese counterparts in designing attractive smart cars. Tesla is the only foreign brand in the top ten.

On Tuesday, data from another Chinese auto association showed U.S. electric vehicle maker Tesla Inc sold a record 70,847 Chinese-made vehicles in December.

Volkswagen said it missed its target of selling 80,000 to 100,000 units of its battery-electric ID series last year, having sold 70,625 vehicles, but will likely double sales this year.

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