Chinese Car Sales increased 6.6% year on year to 23 Lakh units in December, 2020

January 18, 20218:41 am
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China’s passenger car sales continued to grow in December 2020 thanks to the steady recovery of the country’s vehicle market and industry, according to the China Passenger Car Association.

Retail sales of passenger vehicles, including sedans, sport-utility vehicles, minivans and multipurpose vehicles, rose 6.6 percent year on year to 2.29 million units in December, the association said in its latest monthly report.

In 2020, the total retail sales of passenger vehicles reached 19.29 million units, down 6.8 percent year on year, according to the association.

However, the decline narrowed by 1.5 percentage points compared with that in the first 11 months of 2020, showing a steady recovery trend in the industry, said the report.

The wholesale volume of new-energy passenger vehicles grew 12 percent year on year to 1.17 million units last year. In December alone, the figure increased 53.6 percent year on year to 210,000 units, said the report.

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With strong demand, the recovery of consumer confidence and purchasing power, and the gradual demand recovery of overseas markets, China is expected to see strong passenger car sales growth this month, according to the association.

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Shekhar Yadav

I am a full time stock market investor. The blog is an extension of my research, thoughts & opinion. Please don't consider anything on this website to be an investment advise.

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