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CORRECTION / ROUNDUP: Chinese car association CAAM also expects growth in 2022

(Correction: A more precise wording is used in the last sentence of the third paragraph. The Chinese car market had declined for three consecutive years from 2018 to 2020.)

BEIJING (dpa-AFX) – According to the expectations of the manufacturer’s association in the country, the car market in China should also grow this year. Last year, sales by manufacturers to dealers in the People’s Republic rose by a total of 3.8 percent to 26.3 million vehicles, as the lobby organization CAAM (Chinese Association of Automobile Manufacturers) announced in Beijing on Wednesday. The CAAM measures both passenger car sales and those of heavy commercial vehicles. In 2021, vehicle sales in the country rose sharply in the first few months of the year due to the lockdown in spring 2020, but growth stalled in the second half of the year due to the lack of electronic chips.

In the case of passenger cars, sales in 2021 increased by 6.5 percent to 21.5 million cars, driven by strong growth in cars not powered by conventional combustion engines. Cars with electric drive types recorded a sales growth of almost 168 percent.

The industry association PCA, which measures the actual deliveries of cars, SUVs, minivans and light commercial vehicles to end customers, had already reported a sales increase of 4.5 percent to 20.5 million cars for 2021 the day before. Previously, the Chinese auto market had declined three years in a row from 2018 to 2020.

China is the most important single market for the German car groups Volkswagen (Volkswagen (VW) vz) (with the subsidiaries Audi and Porsche), Daimler and BMW. Above all, Volkswagen, as the market leader in the country, has suffered considerably from the supply bottlenecks for chips in the past few months. The group sold significantly fewer cars in the country last year, with a decline of 14 percent. Like the premium subsidiary Audi (-3.6 percent), Mercedes-Benz also suffered a slight decline in sales (-2 percent) in China.

The BMW Group, however, coped better with the lack of chips. Even though sales fell worldwide and in China in the fourth quarter, the BMW and Mini brands were able to sell 846,237 cars in the country for the full year, 8.9 percent more than in the previous year ./men/mis/stk

Reference-www.finanzen.at

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