China’s automotive industry has stepped up its efforts to expand into global markets, with many local vehicle manufacturers having doubled their overseas sales this year even as the domestic Chinese market continues to stagnate.
The Chinese vehicle market’s explosive two decade-long growth has come to a halt after peaking at over 28 million in 2018, having expanded from little over two million units before the country became a member of the World Trade Organisation in 2001.
Vehicle sales in the country fell by over 8% in 2019, according to data released by the China Association of Automobile Manufacturers (CAAM) – even before the market was affected by the COVID-19 pandemic, followed by a more moderate decline in 2020. This year, vehicle sales are expected to be slightly higher – mainly reflecting rebounding sales in the first half of the year.
To read the full article by Just Auto, please click here.