The association predicted that the sector will face pressures next year, including a slower recovery in consumer confidence and an expected decline after the government stimulus expires in late 2022.
He called for the incentives to be extended until at least 2023, including a reduction in purchase taxes 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 Auto Manufacturers Association said it expected an increase in government subsidies to spur economic recovery next year.
The China Passenger Car Association said on Thursday that passenger car sales in China totaled 1.67 million units in November, down 9.5% year on year.
Association officials had expected sales to pick up before the end of the year as government subsidies expire and the purchase tax is reduced, meaning car prices are at an all-time high. China It could increase starting next year.
The expectations come despite the fact that these incentives have had no effect on the increase in auto sales in recent months, as they declined in November for the first time since last May, due to the continued imposition of many anti-auto restrictions. COVID-19 last month, which reduced demand and slowed production.
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Xu Haidong, deputy chief engineer of the China Association of Manufacturers said carsOf total sales, EV sales are likely to grow 35 percent to reach 9 million vehicles next year, according to an online briefing on Friday.
The association predicted that the sector will face pressures next year, including a slower recovery in consumer confidence and an expected decline after the government stimulus expires in late 2022.
He called for the incentives to be extended until at least 2023, including a reduction in purchase taxes 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 Auto Manufacturers Association said it expected an increase in government subsidies to spur economic recovery next year.
The China Passenger Car Association said on Thursday that passenger car sales in China totaled 1.67 million units in November, down 9.5% year on year.
Association officials had expected sales to pick up before the end of the year as government subsidies expire and the purchase tax is reduced, meaning car prices are at an all-time high. China It could increase starting next year.
The expectations come despite the fact that these incentives have had no effect on the increase in auto sales in recent months, as they declined in November for the first time since last May, due to the continued imposition of many anti-auto restrictions. COVID-19 last month, which reduced demand and slowed production.
