WSJ: China’s Car Sales Fell 6.8% in 2020, but That Still Likely Beats Other Markets
Mon January, 2021, Age: 3 years
For the third straight year, Chinese car sales declined in 2020. China represents the world’s largest market for automobiles. Overall car sales in China shrank by 6.8% in 2020 and are roughly 20% off their 2017 peak. Yet, China’s performance in 2020 is comparatively a success. The pandemic impacted auto sales across the globe, reducing car sales by up to 15% in many developed nations like the U.S. The China Passenger Car Association says that it expects the Chinese car market to rebound in 2021, expanding by as much as 7%. This bullish view is buttressed by China’s car market’s strong second-half performance in 2020, which was not enough to compensate for the pandemic induced slump in the first half of the year and yet was still far more robust than many experts had expected. High-end car manufacturers and electric vehicle brands such as Tesla are expected to perform well in the coming year.