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China automobile sales down by 12.4% in June due to Chip shortage: global shortage of semiconductors

A global shortage of semiconductors hit autos production in the world's biggest car market.

china Electric Car

Car sales in China fell by 12.4% in June from the same month last year, industry data showed on Friday, as the global shortage of semiconductors hits car production in the world’s largest car market.

Automakers around the world have had to adjust the assembly lines due to auto-chip shortages, caused by delays in production by some semiconductor manufacturers who suspect faster recovery than expected from the coronavirus epidemic.

China's total sales stood at 2.02 million vehicles in June, according to data from the China Association of Automobile Manufacturers (CAAM). The country sold 12.89 million vehicles between January and June, an increase of 25.6% from previous years.
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Chen Shihua, CAAM's chief executive officer, told a press conference online that the auto-chip purchase shortfall hit China's stock market last month, but given the general economic recovery, CAAM still has optimism for the domestic automotive market.

Sales of new energy vehicles (NEVs) including battery-powered electric vehicles, plug-ins in electric hybrids, and hydrogen-cell cell vehicles have maintained their strong momentum, exceeding 139.3%, with 256,000 units sold per month. ago.

NEV manufacturers such as Nio Inc, Xpeng Inc, and BYD increased production capacity in China, encouraged by the government's promotion of green cars to reduce pollution.

China's annual NEV sales are expected to grow by more than 40% over the next five years, CAAM said last month.

U.S. Electric Vehicle Manufacturer Tesla Inc sold 33,155 electric vehicles made in China in June.

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