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Business briefing: China's car market is booming after rapid Covid recovery

  500,000 car sales are expected to be lost in China alone due to the ongoing semiconductor shortage Car sales are set for return to 2019 levels and Chinese brands are already eyeing expansion Bustling halls and stands packed with new metal: the2021 Shanghai motor show had it all. Indeed, right down to that fast-emerging staple of any major car event: a huge controversy over Tesla, this one sparked by a disgruntled buyer’s protests. Hard though it is to imagine on Europe’s bumpy road in and out of lockdowns, the car industry isn’t merely back on its feet in China but thriving. May marked the 14th month of year-on-year sales gains, even in the face of the global semiconductor crisis, and while it wasn’t hard to eclipse the dire figures from early in the pandemic, the recovery is now tipped to be deep-set and long-standing. Evidence of that is the fact that new-car sales in the first quarter of this year hit 6.12 million, up 72.2% on 2020. Talk is now not of recovery but of growth and ho .. Full story on autocar.co.uk 

business, china, covid, briefing, market, booming, recovery Image source : autocar.co.uk
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