MILAN, Jan 10 (Class Editori) — The growth of passenger car sales in China suffered a slowdown in 2022, registering an increase of only 1.9% compared to more than 4% in 2021. Severe production disruptions and economy-wide challenges related to Covid-19 restrictions in the country influenced this year’s performance.
The China Passenger Car Association (CPCA) reported that Chinese car manufacturers and dealers sold 20.5 million cars in 2022.
In December, retail sales stood at 2.17 million units, marking a 3% year-on-year increase, as consumers took advantage of the last month of Government incentives, which included subsidies for electric vehicles and tax reliefs for the purchase of mid-range cars.
Retail sales of new-energy cars, which include all-electric vehicles and plug-in hybrids, reached about 5.67 million in 2022, marking nearly double the 2021 figure and breaking a new record. In December, China sold 640,000 new-energy cars, up 35% year-on-year, including 455,000 all-electric cars.
Total car production grew 11.6% in 2022 year-on-year. Car manufacturers produced 15% fewer cars in December than the previous year as the country was in the grip of a nationwide Covid-19 epidemic after Beijing loosened its policies.
“Last year, on the overall, the market was exceptionally complex,” Cui Dongshu, Secretary General at CPCA, stated. “The market saw slumps in April and November last year, which were not fully balanced by the growth registered in June and December,” he added.
(Source:Class Editori)
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