© Archyde.com. Cars on a road in Beijing during rush hour in Beijing (Archyde.com Photo).
SHANGHAI (Archyde.com) – China’s largest automaker said auto sales in China are likely to rise 3 percent to 27.6 million vehicles in 2023 and that it expects an economic recovery to offset negatives such as a rise in COVID-19 infections.
Of the total sales, NEV sales are likely to grow 35 percent to nine million, Xu Haidong, deputy chief engineer of the China Association of Automobile Manufacturers, said in an online briefing on Friday.
The association predicted that the sector would be subject to downward pressure next year, including a slowdown in consumer confidence recovery and a decline that can be expected after government stimulus expires at the end of 2022.
She called for the incentives to be extended through at least 2023, including a purchase tax cut on combustion engine vehicles and various local government subsidies.
Automakers and investors are bracing for a market downturn as the economy slumps, but the China Association of Auto Manufacturers said it expects increased government support to boost economic recovery next year.
(Prepared by Ahmed Sobhi for the Arabic Bulletin)