TechBookyBusiness
No Result
View All Result
Thursday, June 30, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Market

Chip Shortage Pushes China Auto Sales Down 12.4% In June

techbookybusiness by techbookybusiness
July 9, 2021
in Market
Share on FacebookShare on Twitter


Industry data revealed that Chip scarcity pushed China’s gross auto sales down 12.4% in June. The world’s biggest car market was hit by a global shortage of semiconductors, affecting autos production in China. The decline of 12.4% in June is from the corresponding month a year earlier. Semiconductor makers blamed the shortage of chips on a faster-than-expected recovery from the coronavirus pandemic.

Due to the shortage of auto chips, manufacturers around the world would have to adjust assembly lines. Executives warned that the shortage of chips put the hopes of the world’s biggest car market might spearhead a recovery in the sector in jeopardy.

China sold 12.89 million automobiles between January and June, a 25.6% increase from year-ago levels. According to data from the China Association of Automobile Manufacturers (CAAM), the country sold a total number of 2.02 million vehicles in June.

In April, the shortage in auto-chip supply was already a matter of concern.  And by June, the country’s production was hit hard, causing a decline in auto sales. But given an overall economic recovery, the China Association of Automobile Manufacturers (CAAM) is still moderately positive about the domestic auto market.

However, sales of new energy vehicles (NEVs) remained firm, going up by 139.3%, with 256,000 units sold in June. The new energy vehicles include battery-powered electric vehicles, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles.

New energy vehicle manufacturers, such as Nio Inc, Xpeng Inc, and BYD also plan on increasing production capacity in China. According to the China Association of Automobile Manufacturers (CAAM), the country’s annual NEV sales are expected to increase by more than 40% in the next five years. According to the association’s forecast, China’s new energy vehicles gross sales are anticipated to develop greater than 40 % every year within the subsequent 5 years.

Gross sales of NEVs, together with battery electrical, plug-in hybrid, and hydrogen gas cell automobiles are expected to hit 1.9 million models this year.

Presently, the shortage of auto chips has thrown the world’s largest auto market into a period of unprecedented uncertainty. Nevertheless, the industry is expected to bounce back in no time.  

Total
0
Shares
Share 1
Tweet 0
Pin it 0
Share 0

Related Posts:

  • The EU Is Eyeing 20% Of Global Chip Production In The Next Ten Years
    The EU Is Eyeing 20% Of Global Chip Production In The Next…
  • Global Chip Shortage May Last A Few Years, Dell Technologies Founder Says
    Global Chip Shortage May Last A Few Years, Dell Technologies…
  • Tech Giants In The U.S. Join In Lobbying For Chip Production Funding
    Tech Giants In The U.S. Join In Lobbying For Chip Production…
  • Global Semiconductor Industry Sales Hit A New Record Of Over Half A Billion In Sales In 2021
    Global Semiconductor Industry Sales Hit A New Record Of Over…
  • Samsung Electronics Sees Strong Chip Demand, Mobile Recovery As Q2 Profit Jumps
    Samsung Electronics Sees Strong Chip Demand, Mobile Recovery…
  • Samsung Could Start Building Its New Chip Plant In Q3 2021
    Samsung Could Start Building Its New Chip Plant In Q3 2021
  • Toshiba Plans To Double Its Chip Production With An Investment Of $1 Billion
    Toshiba Plans To Double Its Chip Production With An…
  • Japanese Companies To Work With TSMC On Chip Making Technologies
    Japanese Companies To Work With TSMC On Chip Making…
Tags: autochinaelectric vehiclessales
Previous Post

Robinhood Gives Founders Another Chance At A $1.4 billion Windfall

Next Post

Chinese Authorities To Remove 25 Didi Apps From App Stores As Crackdown Continues

Next Post
Chinese Authorities To Remove 25 Didi Apps From App Stores As Crackdown Continues

Chinese Authorities To Remove 25 Didi Apps From App Stores As Crackdown Continues

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce E-Naira earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tesla twitter Ukraine whatsapp

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest
  • Crypto Exchange FTX Debunks News That It Plans To Acquire Robinhood

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$19,534.42-2.43%
  • ethereumEthereum(ETH)$1,064.51-4.79%
  • tetherTether(USDT)$1.00-0.09%
  • usd-coinUSD Coin(USDC)$1.00-0.05%
  • binancecoinBNB(BNB)$213.27-2.35%
  • Binance USDBinance USD(BUSD)$1.000.16%
  • rippleXRP(XRP)$0.321206-2.47%
  • cardanoCardano(ADA)$0.450014-3.01%
  • SolanaSolana(SOL)$31.92-8.20%
  • dogecoinDogecoin(DOGE)$0.0653291.03%
  • polkadotPolkadot(DOT)$6.80-4.19%
  • Shiba InuShiba Inu(SHIB)$0.0000103.01%
  • AvalancheAvalanche(AVAX)$16.61-7.87%
  • matic-networkPolygon(MATIC)$0.465656-9.48%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....