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The sales of China’s new energy vehicle have also seen declines year on year for five consecutive months in the second half of this year.
The sales of China’s new energy vehicle have also seen declines year on year for five consecutive months in the second half of this year.

The China Association of Automobile Manufacturers (CAAM) forecasts that China's automotive sales to slide 2% year on year to around 25.31 million units in 2020.

According to Xu Haidong, an assistant to the secretary-general of CAAM, in 2018, the annual sales decreased 800,000 units, accounting for 8% year on year. For the year of 2019, the annual sales are likely to fall 9% over a year ago.

CAAM says the drop in the automotive market will continue in short term, with negative or flat growth until 2021. The decline will likely reverse by 2022, with a 4% growth starting from 2023 to 2025.

Sales of traditional fuel-powered vehicles dropped due to economic downturn and the policy of limits on emissions. The sales of new energy vehicle have also seen declines for five consecutive months in the second half of this year because of reduction in subsidy policies. However, CAAM predicts that the sales are expected to exceed 100,000 units by the end of December this year.

In terms of market segmentation, battery electric vehicles account the largest proportion though its growth rate will likely to slow down gradually. With the subsidy subsiding, the sales of plug-in hybrid passenger cars may increase in the short term.

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