Connect with us

Hi, what are you looking for?

Business

China’s auto sales stumble for a third straight month in July

China’s auto sales

China’s auto sales fell in July for the third month in row due to flooding in some areas of the country in addition to COVID-19 outbreaks in other areas.

The global shortage of semiconductors also played part in downturn.

China Association of Automobile Manufacturers (CAAM), China’s auto sales, drop 11.9% from the same month a year earlier to 1.86 million vehicles.

The country is the world’s biggest auto market.

China’s auto sales

China’s auto sales increased by 19% as the market recovered from pandemic lows during the first seven months of the year.

However, the sales are expected to fall gradually for the rest of 2021 to lower than below relatively high year-ago levels, CAAM said. This is despite the market is still expected to log growth overall on an annual basis.

The global chip shortage, which has led to automakers curtailing production, was unlikely to resolve itself soon as the pandemic rages on in many parts of the world, Chen Shihua, a senior CAAM executive, said.

Nonetheless, sales of new energy vehicles continued in July and doubled to 271,000.

Energy vehicles include battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles.

Energy vehicles

Electric car makers such as Nio Inc, Xpeng Inc and BYD Co Ltd to expand manufacturing capacity in China after the government promoted greener vehicles to cut pollution.

In Q2 2021, Nio Inc. delivered 21,896 vehicles, an increase of 112% year over year.

The company currently only sells its products in China, but it plans to expand to international markets.

The company is growing its revenue impressively and its net income is trending in the right direction.

As for XPeng, it began deliveries to customers in 2018, and was listed in the U.S. in August 2020.

The company delivered 17,398 electric vehicles in Q2 2021, up from 13,340 deliveries in Q1.

The company’s revenue grew significantly in the last few quarters, in-line with the growth in its vehicle deliveries.

As well as, BYD Company has been growing its revenue rapidly and has been making profits for years.

In Q2, BYD delivered 99,828 new energy vehicles, which included plug-in hybrid vehicles as well as buses and other commercial vehicles.

Business

The Kingdom of Bahrain’s foreign reserves increased on a monthly basis, during July, by 9.7%. The Bank of Bahrain said that the foreign reserves...

Finance

Lebanon expects to receive $1.1 billion from the International Monetary Fund (IMF) next Friday. The Lebanese Ministry of Finance said that the amount that...

Business

Amazon has launched a new media streaming device priced at $60. The company said that the Fire TV 4K Max media streaming device is...

Business

Aramco has started supplying fuel to Sudan, as the Sudanese Ministry of Energy hopes to reach a long-term agreement with the Saudi company soon....