The latest data from China’s Ministry of Industry and Information Technology (MIIT) indicate that the automotive sector bounced back to health in 2021 following three successive years of faltering performance.
In 2021 China’s automobile production and sales volumes were 26.082 million units and 26.275 million units respectively, for increases of 3.4% and 3.8% respectively compared to the preceding year.
According to a MIIT spokesperson 2021 marks the end of three consecutive years of decline in these figures for the automotive sector, serving to “contribute a major force to the ongoing recovery and growth of China’s industrial economy, and the stabilisation of macroeconomic growth.”
2021 saw the sale of 3.521 million clean energy vehicles in China, for a 160% increase compared to 2020, making China the world’s largest market for clean energy vehicles for the seventh year running.
Sales of Chinese-brand passenger vehicles totalled 9.543 million units, for a YoY rise of 23.1%. Chinese brand passenger vehicles held a market share of 44.4% in 2021, for an increase of six percentage points compared to 2020.
China’s total vehicle exports were 2.015 million units in 2021, for a doubling compared to the previous year to hit a new historic high.