economic indicators

China’s auto sales surge 75% in March, 12th straight monthly gain

Economic Indicators (Apr 09, 2021 02:55AM ET)China's auto sales surge 75% in March, 12th straight monthly gain© Reuters. Newly manufactured cars are seen at a port in Dalian

BEIJING (Reuters) – Auto sales in China surged in March for their 12th consecutive month of gains, as the world’s biggest car market leads the sector’s recovery from the COVID-19 pandemic.

Sales reached 2.53 million vehicles in March, up 74.9% year-on-year, data from the China Association of Automobile Manufacturers (CAAM) showed.

Sales of new energy vehicles (NEVs), including battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles, increased 239% in March to 226,000 units.

NEV makers, such as homegrown Nio (NYSE:NIO) Inc and Xpeng Inc, as well as foreign groups, such as Tesla (NASDAQ:TSLA) Inc, are expanding manufacturing capacity in China as it promotes greener vehicles to cut air pollution.

Another Chinese auto industry body, China Passenger Car Association, said on Friday Tesla sold 35,478 China-made cars in March.

Chen Shihua, a senior executive at CAAM, said the industry body expects the chip supply shortage to have bigger negative impact on China’s auto production in the second quarter than in the first.China’s auto sales surge 75% in March, 12th straight monthly gainAdd a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s