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China attracts auto industry with sales of 20 million units

China represents opportunities for express companies in the automotive industry, reaching sales of 20.1 million cars in 2020, a reduction of 6.1%, highlighted the United States Department of Commerce.

China remains the world’s largest auto market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025.

Global auto sales fell 15% in 2020 to $ 63.7 million, reflecting China’s resilience, according to data from Scotia Bank.
Vehicles made in the United States and exported to China have faced high tariff barriers in recent years.

However, after China suspended its retaliatory tariffs on American cars in late 2019, they now generally face the same 15% tariff that China applies to most major trading partners.

The vehicles (HS codes 8703 and 8704) were included in the phase one trade agreement between the United States and China, which is a potential opportunity for US exporters.

Automotive

In the wake of the Covid-19 pandemic, the Chinese government has taken steps to prop up car consumption.

These steps include postponing the implementation of the China Six Emission Standard, providing fiscal and tax support, accelerating the phase-out of obsolete diesel trucks, and optimizing used vehicle marketing channels.

As part of a report on China, the Commerce Department states that these efforts in the automotive sector may have helped lower auto sales in China during 2020.

From 2017 to 2019, China’s motor vehicle imports decreased from 1 million 246,800 units to 1 million 086,000, while imports from the United States decreased from 274,241 to 194,272 vehicles.

 

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