Automobile output and sales in the country dropped by 8.8% and 9.4% year on year respectively, both to 2.33 million units in October, CAAM data showed.
On a monthly basis, China’s output and sales of automobiles rose for a second straight month in October, increasing by 12.2% and 12.8% from September
respectively, after chip supply slightly improved from the third quarter.
The month-on-month output and sales increases came despite the power crunch across China and the high raw materials prices, CAAM added.
CAAM expects China’s annual car output and sales for 2021 to be slightly higher than 2020 but to miss its previous forecasts. Power rationing and sporadic Covid-19 outbreaks are casting a shadow over the automotive supply chain, while increasing energy tariffs and high raw materials prices are pushing up costs at enterprises.
The performance of new energy vehicles (NEVs),...