Average daily passenger vehicle retail sales in China in the fourth week of March (March 22-31) this year declined by one percent to 75,000 units compared to the same period in 2019, according to the China Passenger Car Association (CPCA). The CPCA chose the figure in 2019 as the comparison for weekly analysis due to the low base in 2020 due to the negative impact of Covid-19.
The China Association of Automobile Manufacturers (CAAM) mentioned that previously they had expected that the supply shortages of chips would likely ease in six months, while now they think from nine months to 12 months may be needed. It also stated, “Multiple factors affected the supply and demand conflict as regards the chip issue in the auto industry, while auto sales in China in the current year may see downs first and ups later.”