By Yoko Kubota
BEIJING – Car sales in China fell for the fifth consecutive month, as a prolonged global shortage of chips continued to restrict production in the world’s largest auto market.
Passenger car sales in October fell 13.9 percent from a year earlier to 1.72 million vehicles, the China Passenger Car Association said on Monday, from a 17.3 percent decline in October. September. The October results included estimated figures from a handful of automakers that have yet to release their sales results, the association said.
In 2022, factory passenger car sales – primarily vehicle sales by automakers to dealerships – would likely increase by 5%, the association said. But this forecast hinges on increased government support to boost consumer spending, the association said, adding that it expects semiconductor shortages to continue until the start of the year. next.
Growing headwinds against the Chinese economy and low vehicle inventories may cause difficulties in increasing sales in the last two months of the year, pushing some of the demand back to next year, said Cui Dongshu, general secretary of the association.
Toyota Motor Corp. said last week that its sales in China were down 19.2% last month from a year ago, with the Covid-19 pandemic in Southeast Asia exacerbating component shortages. Honda Motor Co. sales fell 17.9% and Nissan Motor Co. sales fell 22.0%.
Sales of General Motors Co.’s main joint venture fell 32.4% from a year ago in October, while sales of the largest joint venture Volkswagen AG China fell 40.8%, according to the report. the data of the association. GM only releases quarterly sales results, while Volkswagen has yet to release October results.
In October, sales of new energy vehicles in China, which are mostly electric vehicles, more than doubled from the previous year to 321,000 vehicles, the association said.
Tesla Inc. sold 54,391 Chinese-made vehicles last month, 85.8% of which were exported to other markets, according to the association’s data. Tesla typically exports relatively more vehicles from China at the start of the quarter.
BYD Co. more than tripled its sales of new energy cars to 80,003 vehicles in October, the company said last week.
–Raffaele Huang contributed to this article.
Write to Yoko Kubota at [email protected]