China Sees Downfall In Automobile Sales: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

July 11, 2022 8:40 AM | 29 seconds read |

China's automobile industry association has downgraded its sales forecast for 2022, affected by a drop in commercial vehicle demand, Reuters reported.
The world's largest car market has been hit by business restrictions imposed to curtail the spread of COVID-19 cases.
China Association of Automobile Manufacturers forecasts to sell 27 million cars in 2022, a 3% increase from 2021.
The association had previously predicted 27.5 million unit sales.
It sees a 16% fall in sales of commercial vehicles to 4 million units.