The Chinese car market grew by a third in August of 2022

Sales of passenger cars in China in August were 2 million 125 thousand units, which is 36.5% higher than a year before. According to the China Association of Automobile Manufacturers (CAAM), positive dynamics is recorded for the third month in a row and is due, in particular, to pent-up 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, are now spreading for vehicles with internal combustion engines. For the first eight months of 2022, the Chinese car market grew by 11.7% to 14 million 655 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.