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China’s annual car sales rise for the first time since 2017

Overall sales in the world’s largest automobile market increased 3.8% year-on-year after monthly sales of 2.79 million units in December reached 26.28 million units in 2021.


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

Last year’s Chinese car sales increased for the first time since 2017. Industry data was shown on Wednesday. This is partly due to the 1.5-fold increase in sales of new energy vehicles (NEVs). According to data from the China Automobile Manufacturers Association (CAAM), the overall sales of the world’s largest automobile market were the previous year after monthly sales of 2.79 million units in December reached 26.28 million units in 2021. It increased by 3.8%.

In a statement, CAAM expects to alleviate problems such as chip shortages and soaring raw material prices, with 2022 production and sales expected to be better than last year.

After decades of bright growth, China’s car market has been under pressure during the phasing out of some tax cuts, the trade war between Washington and Beijing, and the collapse of the COVID-19 pandemic. , Started to shrink in 2018.

The market began to recover by mid-2020, but the global shortage of semiconductors used in all areas, from brake sensors to power steering to entertainment systems, has led automakers around the world to reduce production or reduce production. It was decided to stop.

According to CAAM data, car sales in China in December fell 1.6% year-on-year, the eighth straight month of decline.

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China will reduce subsidies to NEVs such as electric vehicles by 30% in 2022

However, NEV sales are a bright spot for battery-powered electric vehicles, plug-in gasoline-electric hybrid vehicles, hydrogen fuel cell vehicles, etc., and showed strong momentum in 2021, up 157.5% to 3.52 million units.

In December alone, 531,000 NEVs were sold, an increase of 114% over the previous year. In recent years, China has greatly promoted NEV as part of its efforts to control air pollution.

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

China will reduce subsidies to NEVs such as electric vehicles by 30% in 2022, consider the market mature enough in terms of growing demand without government support, and withdraw them altogether at the end of the year.

However, while the Chinese EV market is growing very strongly, most foreign automakers lag behind Chinese automakers in designing attractive smart cars. Tesla is the only foreign brand in the top 10.

On Tuesday, data from another Chinese Automobile Association showed that US electric car maker Tesla sold a record 70,847 Chinese-made cars in December.

Volkswagen said it couldn’t meet its goal of selling 80,000-100,000 units from last year’s ID battery electric vehicle series, selling 70,625 units, but could double this year.

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(Except for the headline, this story has not been edited by NDTV staff and is published in a press release)

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China’s annual car sales rise for the first time since 2017

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