China vehicle sales fall for fourth month on chip shortages By Reuters – UK

© Reuters. FILE PHOTO: Cars for export wait to be loaded onto cargo vessels at a port in Lianyungang, Jiangsu province, China October 14, 2019. REUTERS/Stringer

BEIJING (Reuters) – China’s vehicle sales slid 17.8% in August from a year earlier, falling for a fourth consecutive month, as the world’s biggest car market was hard hit by a global shortage of semiconductors.

Overall sales in China stood at 1.8 million vehicles in August, data from the China Association of Automobile Manufacturers (CAAM) showed.

China’s vehicle sales jumped 13.7% in the first eight months of 2021 from the same period a year ago, as the market recovered from pandemic lows.

CAAM now expects 2021 growth to be slower than a previously forecast 6.5%, said Chen Shihua, a senior official at CAAM.

A prolonged global chip shortage has unsettled major automakers including Ford Motor (NYSE:), Honda Motor, General Motors (NYSE:) and Volkswagen (DE:), forcing many to idle or curtail production.

The shortage was unlikely to be resolved soon as the pandemic rages on in many parts of the world, Chen said.

One bright spot in the data was the strong sales of new energy vehicles, which more than doubled in August to 321,000 vehicles. These include battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles.

The government’s promotion of greener vehicles to cut pollution has prompted electric car makers such as Nio Inc, Xpeng (NYSE:) Inc and BYD Co Ltd to expand manufacturing capacity in China.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  First VW Beetle Landed in the U.S. 70 Years Ago

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more