The Strategist

Chinese car market collapses in March

04/12/2022 - 07:59

Sales of new cars in China, the largest market in the world, collapsed in March due to new coronavirus restrictions.

In relation to March of the last 2021, sales fell by 11.7% and amounted to 2.23 million cars, Reuters writes.

According to the Chinese Association of automakers, the lockdown, which was the largest so far, did not affect interest in electric vehicles: their sales in China have doubled and amounted to 484 thousand pieces. The new electric cars had enough buyers, despite the fact that in March the Shanghai plant Tesla stopped several times. Because of this, only 55.4 thousand electric cars were assembled (the plant released 68.1 thousand cars in January 2022).

In addition, Volkswagen and Toyota joint ventures stopping in mid-March contributed to difficulties in the supply of new cars in China.

On April 9, the Chinese manufacturer NIO announced suspension of production related to logistics problems; the company's shares collapsed by 8.5%.