China auto sales to hit 27.5 mln in 2022, up 5.4% – industry body

Automobile sales in China, the world’s largest car market, will likely rise 5.4% to hit 27.5 million in 2022, the country’s top auto industry body said.

Of the total, sales of new energy vehicles is expected to grow 47% to 5 million, the China Association of Automobile Manufacturers (CAAM) said in a statement published on its official WeChat account.

For 2021, CAAM expects sales to rise 3.1% year-on-year to 26.1 million, with new energy vehicles sales rising 1.5 times to 3.4 million.

Disrupted by a prolonged global shortage of semiconductors, China’s auto sales dropped 9.1% in November from a year earlier, marking their seventh consecutive monthly fall, CAAM data showed earlier this month.

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Equities, Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe