Market drops 8.4% in Dec. but edges up in 2022

Industry-wide new vehicle wholesale shipments fell 8.4% in December to 2.56 million as China lifted pandemic-induced lockdowns, sparking a wave of COVID-19 infections that impair retail activity and production. It became a table.

According to the China Automobile Manufacturers Association, vehicle shipments will grow by 2.1% in 2022, approaching 26.9 million units.

Combined shipments of sedans, crossovers, SUVs, utility vehicles and minibuses fell 6.7% in December to below 2.27 million units.

However, mini vehicle sales for the full year increased by 9.5% to reach 23.5 million units.

Demand for new commercial vehicles such as buses and trucks fell 20% in December to about 291,000 units, while full-year sales fell 31% to about 3.3 million units.

Electric car
Demand for new electric vehicles surged 52% in December, approaching 814,000.

Shipments of fully electric vehicles increased 38% this month to about 624,000, while sales of plug-in hybrids increased 129% to about 189,000.

By 2022, industry-wide electric vehicle sales will surge 93% to about 6.9 million units.

Automakers shipped about 5.37 million EVs and 1.52 million plug-in hybrids that year, up 82% and 152% respectively.

China’s overall passenger car sales are expected to grow by 5% in 2023, Volkswagen Group China president Ralf Brannst√§tter told Chinese media.

New energy vehicles, including pure electric vehicles and plug-in hybrids, could account for one-third of all passenger cars sold in China in 2023, Brandstaetter added.

Volkswagen confirmed comments first reported on Wednesday by Chinese media company Cairen.

The China Passenger Car Association forecasts that vehicle sales will remain flat or increase slightly after 2022, while CAAM expects overall Chinese vehicle sales to grow by 3% this year.

The CPCA said Tuesday that the world’s largest auto market is expected to weaken sharply in January.

Reuters contributed to this report.

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