China's vehicle ownership expected to exceed 300 mln by year-end

[21-11-2021 11:35 AM]

Ammon News - China said that it is expected to have the world's largest automobile market, with more than 300 million registered automobiles by the end of 2021.

"By the end of September, China already had 297 million registered automobiles," according to a report issued by the China Association of Automobile Manufacturers (CAAM) during a forum at the World Manufacturing Convention held in Hefei, capital of east China's Anhui Province.

A Chinese official in automobile industry indicated that vehicle market in China will continue to see stable growth in the future, with an estimated 4 per cent average annual growth for the five years to 2025.

Meanwhile, experts noted that China's automobile market is the largest in the world, and its auto production, sales and possession have ranked first globally for many consecutive years.

The cumulative production and sales volumes of new energy vehicles inched up by about 1.8 times year on year in China during the January-October period, while new energy vehicles accounted for 11 percent of the gross car sales, statistics showed.

A report on China's new energy vehicle industry was released at the forum said that after about 20 years of development, China's new energy vehicle industry is entering the market-driven growth phase, and marching towards a new stage of high-quality development.

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