SHANGHAI :China's auto sales are likely to rise 3 per cent to hit 27.6 million in 2023, the country's top auto industry body said, expecting economic recovery to offset such negatives as rising COVID-19 infection.
It called for an extension until at least 2023 for the incentives - a cut in purchase tax on combustion-engine vehicles and various local-government subsidies. The China Passenger Car Association made the same request on Thursday. The association's data showed the industry had sold 2.33 million vehicles in November, 7.9 per cent fewer than in the same month of 2021, as a hoped-for buyers' rush before expiry of the incentives failed to appear.
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