China Association of Automobile Manufacturers: 2020 Automobile Production and Sales Data and Automobile Industry Operation

The China Association of Automobile Manufacturers (hereinafter referred to as "CAAM") released sales data for 2020, showing that my country's automobile production and sales reached 25.225 million and 25.311 million respectively, down 2% and 1.9% year-on-year from 2019. Among them, passenger car production and sales were 19.994 million and 20.178 million, down 6.5% and 6.0% year-on-year.

Although the Chinese automobile market has experienced negative growth for the third consecutive year, due to the severe impact of the epidemic in the first half of the year, the decline in production and sales in 2020 was significantly narrowed compared with 2019. The China Association of Automobile Manufacturers said that "the market recovery far exceeded expectations."

From the perspective of market segments, thanks to the country's vigorous promotion of the development of new infrastructure, the commercial vehicle market took the lead in accelerating in 2020, with a substantial increase in sales throughout the year. The passenger car market has continued to grow since May 2020. New energy vehicle sales have continued to show a significant year-on-year increase since July, with annual sales exceeding 1.3 million vehicles for the first time. After ending the downturn in the first eight months, automobile exports have begun to recover since September, and the export volume set a new record for two consecutive months in November and December.

In 2021, a restorative positive growth will be achieved, and automobile sales are expected to exceed 26 million, a year-on-year increase of 4%.

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