CHANGSHA, Hunan – China’s automobile sales are expected to grow by 3 percent in 2018 to about 29.87 million units, according to China Association of Automobile Manufacturers (CAAM).
Xu Haidong, assistant to the secretary general of CAAM, made the prediction at the 2018 China Automobile Market Development and Forecast Summit organized by CAAM on December 13.
CAAM believes that market growth will continue to taper off in 2018, following a growth of about 3.5 percent in 2017 which means sales of around 29 million units.
CAAM expects passenger vehicle sales in 2018 to reach 25.59 million units, up 3 percent from 2017. Passenger car sales will drop 1 percent to 11.77 million units, while SUV sales will continue to grow, by 11 percent to 11.52 million units. MPV sales will drop 11 percent to 1.79 million units, while microvan sales will drop 7 percent to 510,000 units.
Commercial vehicle sales are expected to grow by 2 percent to 4.28 million units. This includes 470,000 buses, down 8 percent, and 3.81 million trucks, up 3 percent.
Automobile export volume is expected to reach 1.06 million units, up 15 percent, while import volume will increase 4 percent to 1.3 million units.
This is the second straight year in which CAAM has published its market forecast report. At about the same time last year, CAAM forecasted at the same event that auto sales will grow about 2-6 percent in 2017.