A slump in commercial-vehicle demand led China’s automobile industry association on Monday to downgrade its sales forecast, as anti-pandemic measures weighed on the economy and its car market, the world’s largest, reports Reuters.
The industry will sell 27 million cars this year, up 3% on 2021, the China Association of Automobile Manufacturers forecast, cutting its outlook from the 27.5 million sales and 5.4% growth it predicted in December.
Weak demand for commercial vehicles, such as buses and trucks, drove the downgrade, data from the association showed. It now expects a 16% fall in sales of commercial vehicles to 4 million units.