Record EV sales help boost China’s auto market

January 19, 2022

Auto sales in China last year grew for the first time since 2017, according to industry data published by the China Association of Automobile Manufacturers (CAAM). The increase has been boosted partly by record electric vehicle sales of some 2.92 million units.

Total sales in the world’s largest car market rose 3.8% year-on-year, after monthly sales of 2.79 million vehicles in December brought total sales for 2021 to 26.28 million.

Production and sales are expected to be better in 2022 than last year on the prospect that issues such as chip shortage and high prices of raw materials ease, CAAM is reported to have stated.

The sales of alternative energy vehicles, including battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles, showed strong growth of 158% to 3.52 million units in 2021. In December alone, some 531,000 alternative energy vehicles were sold, representing a 114% year-on-year growth.

It is reported that China will cut subsidies on alternative energy vehicles, such as electric cars, by 30% in 2022 and withdraw them all together at the end of the year, how this will impact the market is yet to be seen.

China Association of Automobile Manufacturers(CAAM)

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