Chinese auto sales are likely to rise 5 percent year on year in 2022, the China Association of Automobile Manufacturers (CAAM) said, APA reports citing Xinhua.
Total sales are expected to reach 27.5 million units for the full year of 2022, CAAM Executive Vice-President Fu Bingfeng told a press conference.
In 2021, the production of Chinese automakers rose 3.4 percent year on year to 26.08 million units, while auto sales climbed 3.8 percent to reach 26.28 million units, CAAM data showed.
Looking into 2022, the long-term positive fundamentals of China's macroeconomy will not change, ensuring the continued growth of the auto market, said Fu.
While the impact of epidemic prevention and control measures on the market will gradually weaken, China's auto market will maintain growth in 2022 driven by huge demand potential, the gradual easing of chip shortages, and the strong demand for new energy vehicles, according to Fu.