Thursday, July 26th, China Association of Automobile Manufacturers announced that the auto sales in the country may reach 20 million units by the end of 2012, up 8% year-on-year.
Total auto sales are expected to increase 8%, with passenger cars up 11% to 16 million cars, while commercial vehicle sales decrease 3% to 3.9 million units. China plans to import 1.2 million vehicles, an increase of 15% and export 1.05% million vehicles, an increase of 24%. Taking into consideration the imports and exports total sales in China would reach 20.15 million units.
“If the economy maintains the status quo and there are no car purchasing restrictions, total vehicle sales in China will grow around 5 percent this year,” said Shi Jianhua, deputy secretary general of the CAAM.
From January to June auto sales increased 2.9% to 9.6 million units compared to the same period last year. Although auto sales were up this year, they saw a decrease if compared to last year’s 3.4% grow in the first half of 2011, and 48% increase in 2010.
The slowing growth in the overall economy is reflected in slow auto sales in the world’s largest auto producer and market. China will manage to reach the target of 20 million units only if economy imprives in the second half.