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China’s 2022 auto sales rise 9.5% but growth weakening

KIFI

By JOE McDONALD
AP Business Writer

BEIJING (AP) — An industry group says China’s auto sales rose 9.5% in 2022 as electric vehicle purchases nearly doubled, but demand slumped in December, foreshadowing weaker growth this year. The China Association of Automobile Manufacturers says sales of SUVs, sedans and minivans in 2022 rose to 23.6 million. Total vehicle sales, including trucks and buses, edged up 2.1% to 26.9 million. Auto sales fell 6.7% in December from a year earlier to 2.3 million under pressure from anti-virus restrictions that kept millions of people at home and a government campaign to control corporate debt. CAAC is forecasting steady growth this year but says annual sales might rise only 3%.

Article Topic Follows: AP National Business

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