China's 2022 auto sales rise 9.5% but growth weakening
An industry group says China’s auto sales rose 9.5% in 2022 as electric vehicle purchases nearly doubled, but demand slumped in December, foreshadowing weaker growth this year
BEIJING (AP) — China’s auto sales rose 9.5% last year as electric vehicle purchases nearly doubled, but demand in the global industry’s biggest market slumped in December, foreshadowing weaker growth this year, a trade group reported Thursday.
Sales of SUVs, sedans and minivans rose to 23.6 million, according to the China Association of Automobile Manufacturers. Total vehicle sales, including trucks and buses, edged up 2.1% to 26.9 million.
In December, sales fell 6.7% from a year earlier to 2.3 million as consumer spending weakened under pressure from anti-virus restrictions that kept millions of people at home and an economic slowdown caused by tighter controls on corporate debt. Total vehicle sales fell 8.4% to 2.6 million.
CAAC forecast steady growth this year but said annual sales might rise only 3%.
