Auto sales in China fell 43% in April 2022
- The Chinese automotive market had started 2022 well with sales up 7% in January and 29% in February compared to the corresponding months of 2021. But since March, China has been facing a new wave of Covid which is affecting production and internal consumption, resulting in stagnant car sales in March and a drop in sales in April, of around 43% compared to April 2021. The volume of passenger car registrations did not exceeded 965,000 units in April 2022, compared to 1,704,000 in April 2021, 1,536,000 in April 2020 and 1,575,000 in April 2019. Of the 965,000 passenger cars sold in China in April 2022, 461,000 are sedans and 447,000 are SUVs, with SUVs (-46%) falling more than sedans (-39%). We observe that China and Russia saw their car market plunge in April 2022, but for different reasons. By way of comparison, the three other major markets experienced a smaller decline last month: -20% for Europe, -18% for the United States, -15% for Japan.
- However, over the first four months of 2022, China limits the fall in its passenger car market to -4%, while Europe is at -13%, the United States at -16% and Japan at -17%. Russia is at -45%.
- The decline in the global automotive market is estimated according to Inovev at -12.5% over the cumulative four months of 2022. Forecasts for the whole year are very uncertain as they will depend on the duration and intensity of the war in Ukraine, the duration and intensity of Covid in China, the duration and intensity of semiconductor supply disruptions.
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