Chinas 2022 auto sales rise 9.5 per cent but growth weakening

Chinas auto sales rose 9.5 per cent in 2022 as electric vehicle purchases nearly doubled, but demand in the global industrys biggest market slumped in December, foreshadowing weaker growth this year, a trade group reported on Thursday.

Sales of SUVs, sedans and minivans in 2022 rose to 23.6 million, according to the China Association of Automobile Manufacturers. Total vehicle sales, including trucks and buses, edged up 2.1 per cent to 26.9 million.

Auto sales fell 6.7 per cent in December from a year earlier to 2.3 million as consumer demand weakened under pressure from anti-virus controls that kept millions of people at home and a government campaign to control corporate debt.

Total vehicle sales fell 8.4 per cent to 2.6 million.

CAAC forecast steady growth this year but said annual sales might rise only 3 per cent.

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