BEIJING: China’s vehicle sales slid in July for a third consecutive month, hit hard by flooding, Covid-19 outbreaks in other areas and the global shortage of semiconductors.
The world’s biggest auto market saw sales drop 11.9 per cent from the same month a year earlier to 1.86 million vehicles.
For the first seven months of the year, China’s vehicle sales have jumped 19 per cent as the market recovered from pandemic lows. China Association of Automobile Manufacturers (CAAM) said that rebound is set to peter out with sales for the rest of 2021 expected to be below relatively high year-ago levels, although the market is still expected to log growth overall on an annual basis.
Chen Shihua, a senior CAAM executive, cautioned that the global chip shortage, which has led to automakers curtailing production, was unlikely to resolve itself soon as the pandemic rages on in the world. — Reuters
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