China’s car imports and exports continue to grow4. March 2021
China’s auto imports and exports continued their growth trend steadily, the China Association of Automobile Manufacturers (CAAM) reported. In October 2020, new car trade increased by 48.9 percent year-on-year. Trade value amounted to $15.33 billion, a slight decrease of 2 percent compared to the previous month, according to customs data analysis. Specifically, auto imports rose 73.3 percent compared to October 2019 to $8.33 billion while exports also increased 27.5 percent to about $7 billion.
In the first ten months of 2020, CAAM put the value of auto imports and exports at a total of $118.37 billion. This represents a decrease of 8 percent, but there were only declining figures in the January to September period. The automotive market in China was also affected by the impact of the Covid 19 pandemic but recovered from April. CAAM cites pent-up demand from interested customers as well as support and purchase incentives from the Chinese government as the reason. As a result, after a lean period of 21 months, sales also rebounded by 4.4 percent compared to April 2019.
Dealers of luxury vehicles managed to sell 277,000 cars in April last year, up 11 percent year-on-year. Luxury vehicles accounted for about 19 percent of total new vehicle sales in April, up 3.6 percent from a year ago. Alternative-drive vehicles broke a 12-month downward trend in July. Year-over-year sales of electric cars rose 24.2 percent to 79,000, while plug-in hybrids increased 2.7 percent to 19,000 vehicles. The number of charging stations nationwide is 566,000, with 7,800 new installations in July alone.
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