4/9, 9:54 AM (Source: TeleTrader)
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China sees 75% surge in auto sales in March

Auto sales in China have reached 2.53 million units in March, marking a 74.9% surge compared to the same period last year, according to the data from the China Association of Automobile Manufacturers (CAAM) released on Friday. The latest surge in car sales marks China's 12th consecutive month of gains since the outbreak of the COVID-19 pandemic.

CAAM's senior executive Chen Shihua said that the recent global chip supply shortage would have a bigger negative impact on the country's automobile production in the second quarter of the year than in the first. The shortage has had a notable effect on the global auto industry giants in early 2021 like Hyundai, Subaru, General Motors, and Suzuki.

Sales of new energy vehicles in China saw a 239% surge in March with 226,000 units sold. Both domestic and foreign NEV auto manufacturers are expanding their production in China as the country promotes greener vehicles in an effort to reduce pollution.

Breaking the News / IV