China’s car market leads the recovery of auto sales from the COVID-19 pandemic in the world. It sees a surge of 74.9% year-on-year for their 12th consecutive month as per the data of the China Association of Automobile Manufacturers (CAAM).
The reports reveal that the world’s biggest car market sold about 2.53 million vehicles in March. It also says that a 239% rise to 226,00 units has been seen in the same month as it sold new energy vehicles(NEVs), including plug-in petrol-electric hybrids, battery-powered electric vehicles, and hydrogen fuel-cell vehicles.
China’s objective remains to promote electric vehicle and minimize the level of air pollution. The increase in sales is largely due to the interests of foreign EV manufacturers like Tesla Inc and the homegrown manufacturing units of China like Nio Inc and Xpeng Inc. The arrival of these companies implies the expansion of manufacturing capacity and high growth.
On Friday, China Passenger Car Association announced that Elon Musk’s company, Tesla sold 35,478 China-made cars in March alone.
A senior executive at CAAM, Chen Shihua, said that China’s auto production would face a huge downfall in the second quarter compared to the first quarter due to the shortage of chip supplies.
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