CAAM maintains forecast of 3% growth in China’s car sales in 2023, confident in H2 of the year
DATA VIEWS & ANALYSIS
CAAM maintains forecast of 3% growth in China’s car sales in 2023, confident in H2 of the year
DATA VIEWS & ANALYSIS

CAAM maintains forecast of 3% growth in China’s car sales in 2023, confident in H2 of the year

 

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Chen Shihua, deputy secretary general of China Association of Automobile Manufacturers (CAAM) said that China’s automobile sector is gradually recovering and he expressed confidence in the outlook for the second half of the year.

The CAAM had forecast at the start of the year that the country’s auto market will achieve a 3% growth in 2023, and the forecast remains unchanged, he said, adding that the CAAM remained optimistic that the target can be achieved. 

China’s new energy vehicle market maintained a rapid growth and it has received strong policy support in the first half of the year, said Chen.

But he noted that, although Chinese NEV brands have seized the opportunity to start early, but can not be complacent. “Foreign brands have made big changes to their strategies and if ‘the elephant turned around,’ it’s not easy for Chinese brands to maintain advantages.”