China’s auto market demand remains weak, maintains forecast for 3% annual growth – industry association
DATA
China’s auto market demand remains weak, maintains forecast for 3% annual growth – industry association
DATA

China’s auto market demand remains weak, maintains forecast for 3% annual growth – industry association

 

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China’s domestic auto market demand remains weak and effective demand has not been fully released, said Chen Shihua, deputy secretary general of the China Association of Automobile Manufacturers. 

For now, the association maintains the forecast made in January that China’s auto market will show a stable and positive development this year, with an annual growth of about 3%, said Chen.

China’s auto market production and sales grew significantly in April from a year earlier due to the low base last year, and in particular, NEV production and sales and auto exports maintained a strong momentum, he said. 

However, due to the irrational auto price cuts since March which sent many consumers into a wait-and-see mode, car sales are still in the process of a slow recovery, and coupled with the weaker-than-expected recovery in the commercial vehicle market, China’s car production and sales declined in April from March, he said.