For the fifth consecutive month, car sales in China fell as a prolonged shortage of processors worldwide continued to limit production in the world’s largest car market.
Car sales in October fell 13.9% year-on-year to 1.72 million vehicles, the Chinese Automobile Manufacturers Association said, down from 17.3% in September.
The October results include estimated data from some automakers that have not yet announced their sales results.
In 2022, passenger car sales – mainly vehicle sales from dealerships to dealers – are likely to increase by 5%, the union said.
But that forecast depends on more government support to boost consumer spending, with the union adding that shortages of semiconductors will continue until early next year.
Toyota Motor announced last week that sales in China fell 19.2% in October from a year earlier as a pandemic in Southeast Asia exacerbated parts shortages.
Sales of Honda Motor fell 17.9% and Nissan Motor 22%.
General Motors sales fell 32.4% from a year earlier, while Volkswagen sales in China fell 40.8%.
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Source From: Capital
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