CAAM estimates China¡¯s automobile sales to remain sluggish in 2020

China Association Automobile Manufacturers (CAAM), the country’s top auto industry body, expects automobile sales in China to slip 2 per cent to 25.32 million units in 2020.

Xu Haidong, assistant secretary general of CAAM, said at a conference on Thursday, December 12, that China’s auto market, which is the world’s biggest, is unlikely to rebound until 2022. He also said that during 2023-2025, the market is expected to see an annual expansion of about 4 per cent.

Earlier this week, data from CAAM showed that China’s auto sales in the first 11 months of the year fell 9.1 per cent year on year to come in at 23.11 million units. For new energy vehicles, production and sales came in at 110,000 and 95,000 units in November, down 36.9% and 43.7% year on year, respectively.

Pure electric vehicles accounted for 81,000 units of the total sales, down 41.2% on a yearly basis, while sales of plug-in hybrids slumped 54.4% during the same period to 14,000 units.

In 2018, China’s car sales slid 2.8%, marking the first contraction since the 1990s.

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