Sales of passenger cars in China in June were 2 million 222 thousand units, which is 41.2% higher than a year ago. According to the China Association of Automobile Manufacturers (CAAM), such a high positive trend is due, in particular, to deferred consumer demand that has formed during the recent lockdowns in a number of regions of the country, as well as the launch of new measures to support the car market, which, in addition to electric vehicles, now apply to cars with internal combustion engines. According to the results of six months of 2022, the Chinese car market increased by 3.4% to 10 million 355 thousand cars.
According to the current CAAM forecast, in 2022 the Chinese car market could grow by 8% to 23 million cars. At the same time, the sale of cars using new energy sources will increase almost 1.5 times and reach 5 million units. Recall that the Chinese authorities at the federal level and at the regional level are taking measures to stimulate demand for cars both through the abolition of previously existing restrictions for the market and through subsidies for the purchase of cars. At the same time, the continued shortage of microchips could have a negative impact on the activities of a number of Chinese automakers.
