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China's Auto Sales Jump After 5 Years

Automobile sales in China saw a growth for the first time since 2017, which is somehow attributed to a rise in new energy vehicles’ (NEVs) sales, according to Wednesday’s industry data.

Total auto sales in the country increased 3.8% year-over-year as monthly sales (2.79 million cars) in the month of December caused overall sales to reach 26.28 million vehicles in 2021, shown by the China Association of Automobile Manufacturers (CAAM).

As the prospect for removal of chip shortage and high costs of raw materials blooms, it is predicted that this year auto production and sales will improve compared to the last year. China’s auto industry started shrinking as of 2018, despite several decades of boosting, as there were challenges including trade conflict between the U.S. and China and the pandemic outbreak.

China’s auto market rebound by the middle of 2020 was discontinued due to global issue of chip shortages, which also put a halt in car production throughout the world.

Last December, sales in China saw a decline of 1.6% versus a year earlier, which showed 8 successive monthly reduction, according to CAAM data. Sales of NEVs, however, climbed, a hike of 157.5% to 3.52 million units last year.

Only in December, 531,000 NEVs were sold in the market, 114% increase year-over-year.

CAAM’s last month prediction on auto sales was a jump of 5.4%, to 27.5 million units, in 2022. It also expects a 47% hike in NEV sales in the same year.

World’s auto competitors, like Tesla Automotive company, are focusing on appealing smart cars as electronic vehicle industry (EV) in China is growing fast. In the same front, Tesla last December saw a record 70,847 in sales of China-manufactured automobiles, revealed data from another China automobile association.

Volkswagen Vehicle manufacturer announced that in 2021 it couldn’t achieve its objective to sell 80,000 to 100,000 units of its ID battery electric series; it only sold 70,625 vehicles. However, the company attempts to possibly double its sales in 2022.

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By Samira Ha. on August 14, 2022

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