[Auto] China’s auto sales dropped 1.9% in 2020, likely to see growth this year: association

[_Happy boy]

China’s total auto sales dropped 1.9 percent in 2020 due to the COVID-19 epidemic, but with the disease under control in China sales have rebounded in recent months, and a 4 percent increase in motor vehicle sales is expected in 2021, China’s auto association said Wednesday.

“China sold 25.31 million vehicles in 2020, a 1.9 percent decrease year-on-year mainly caused by a first quarter drop due to the pandemic,” China Association of Automobile Manufacturers said Wednesday.

Now that China has brought the pandemic under control, the auto industry recovered faster than expectation, showing the sector’s flexibility, according to the association.

“With the stable economic recovery and the vast market potential, China’s auto sector has likely passed the low point, and will turn to growth in 2021 with more than 26 million vehicles expected to be sold, a 4 percent increase year-on-year,” the association said.

The sale of commercial vehicles has seen a sharp increase, with 5.13 million vehicles sold in the past year – the first time sales exceeded 5 million, and a 18.7 percent increase.

The sales of new energy vehicle (NEV) experienced fast growth with 1.37 million NEVs sold in 2020, a 10.9 percent increase year-on-year. NEV sales in December saw a 49.5 percent increase year-on-year.

More than 1.12 million pure electronic vehicles were sold during 2020, a 11.6 percent increase year-on-year. The association forecasts the number of NEVs to be sold in 2021 will reach 1.8 million. A 40 percent growth year-on-year.

Global Times