Sunday, June 4, 2023

China’s car sales grew by 82.7%

New Energy Vehicles (NEVs) Maintained Solid Growth Momentum Last Month

BEIJING (Xinhua) – China’s auto sales jumped 82.7 percent year-on-year to reach 2.16 million units in April, according to data released by the China Association of Automobile Manufacturers on Thursday. Vehicle sales during the first four months of this year stood at around 8.24 million units, up 7.1 per cent over the same period last year.Passenger car sales rose 87.7 per cent year-on-year to 1.81 million units in April.

The association attributed the sharp year-on-year growth in sales in April 2022 to a lower base, adding that a steady rebound in the Chinese economy is apt to further boost auto demand in the country.

New energy vehicles (NEVs) maintained solid growth momentum last month. NEV sales grew 110 percent year-on-year to 636,000 units, with a 29.5 percent market share.

Another positive point was the rapid growth of exports. In April, domestic manufacturers exported 376,000 units, marking a year-on-year growth of 170 per cent. Auto exports grew by 3.3 percent on a monthly basis.

However, the association called for vigilance in the face of challenges facing the automotive sector, such as relatively weak market demand, operational pressure from manufacturers and rising external uncertainties.

The association said more needs to be done to step up the implementation of policies for stabilization and expansion of auto consumption, tap the potential of auto purchases and promote steady expansion of the auto market.

Nation World News Desk
Nation World News Desk
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