China vehicle sales fall for seventh month in prolonged chip shortage

Author of the article: Reuters Sophie Yu and Brenda Goh BEIJING — China’s auto sales dropped 9.1% in November from a year earlier, industry data showed on Friday, marking their seventh consecutive monthly fall as a prolonged global shortage of semiconductors disrupts production. Overall sales in the world’s biggest car market stood at 2.52 million…
China vehicle sales fall for seventh month in prolonged chip shortage

Author of the article:

Reuters

Sophie Yu and Brenda Goh

BEIJING — China’s auto sales dropped 9.1% in November from a year earlier, industry data showed on Friday, marking their seventh consecutive monthly fall as a prolonged global shortage of semiconductors disrupts production.

Overall sales in the world’s biggest car market stood at 2.52 million vehicles in November, data from the China Association of Automobile Manufacturers (CAAM) showed.

Sales of new energy vehicles, which include battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles, maintained strong momentum, growing 121% to 450,000 units in November backed by a government drive to cut pollution.

“Consumer acceptance of new energy vehicles continues to rise,” CAAM spokesperson Chen Shihua said. “The market has shifted from policy-motivated to demand-driven.”

U.S. electric vehicle maker Tesla Inc sold 52,859 China-made vehicles in November, including 21,127 for export, the China Passenger Car Association (CPCA) said on Wednesday.

Chinese EV maker Nio Inc sold a record 10,878 cars last month and Xpeng Inc delivered 15,613 vehicles. Volkswagen AG said it sold over 14,000 ID series EVs in China in November.

Overall November sales beat CAAM’s expectations, Chen said, pointing to the impact of falling raw materials prices and an easing of power shortages that had halted output at many factories in prior months.

He said the semiconductor shortage, however, would continue to pressure the auto industry in December, although auto demand would be steady as the economy improves. (Reporting by Sophie Yu and Brenda Goh; Editing by Clarence Fernandez and Edmund Klamann)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
FAA clears Boeing to resume delivery of 787 Dreamliners
Read More

FAA clears Boeing to resume delivery of 787 Dreamliners

Author of the article: The Associated Press David Koenig Boeing has cleared a key hurdle with federal regulators and could soon resume deliveries of its large 787 airliner, which has been plagued by a series of production issues since late 2020, a person familiar with the matter said Saturday. The Federal Aviation Administration notified Boeing…
U.S. stock futures, oil rally as sentiment steadies
Read More

U.S. stock futures, oil rally as sentiment steadies

Author of the article: SYDNEY — U.S. stock futures led a market rebound on Monday as investors prepared to wait a few weeks to see if the Omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks. Oil prices bounced more than $3 a barrel to recoup a chunk…
Ready-made reunion dinners come into vogue in China
Read More

Ready-made reunion dinners come into vogue in China

Author of the article: BEIJING — Diners in China turned to ready-made dishes for their annual reunion dinners on the eve of the Lunar New Year holiday, as busy schedules and new offerings from restaurants and supermarkets prompt a shift in traditions. The reunion, on Monday this year, is customary for many Chinese-speaking communities around…
Brazil central bank holds rates, flags increased inflation expectations
Read More

Brazil central bank holds rates, flags increased inflation expectations

Author of the article: Published Mar 22, 2023  •  Last updated 5 hours ago  •  3 minute read BRASILIA — Brazil’s central bank cited rising inflation expectations as it kept interest rates unchanged for the fifth consecutive policy meeting on Wednesday, drawing concern from the government and weakening bets of imminent monetary easing. The bank’s rate-setting…