China’s new-vehicle market is expected to shrink for the third straight month in July as the semiconductor chip crunch continues to constrain vehicle production.
New-vehicle sales across the country fell nearly 14 percent last month to some 1.82 million, the China Association of Automobile Manufacturers estimated this week.
Deliveries of new-light vehicles such as sedans, crossovers, SUVs, multipurpose vehicles and minibuses dropped 11 percent, while sales of new commercial vehicles such as trucks and buses plunged 27 percent, according to the preliminary tally from the group.
Reflecting a 77 percent first-quarter rebound from the same coronavirus-battered period in 2020, China’s new vehicle sales in the first seven months jumped 19 percent to around 14.71 million, CAAM estimates.
During the 7-month period, demand for new light vehicles rose 21 percent while new commercial vehicle deliveries increased 13 percent.
The industry trade group is expected to release final new vehicle sales results for July next week.
