Published on 14 Jan 2022 on Zacks via Yahoo Finance
2021 China Auto Market Review & 2022 Preview: 3 Stocks to Buy
Auto sales in China, the world’s largest car market, snapped a three-year slump in 2021. According to the China Association of Automobile Manufacturers (CAAM), a total of 26.28 million vehicles were sold in the country last year, marking a 3.8% increase from 2020 levels. But there’s a catch. While COVID-19 concerns and chip deficit disrupted production, the overall vehicle sales growth was primarily driven by strong sales of green vehicles.
With the upward trajectory expected to continue, you can ride the robust EV market in China by investing in Tesla TSLA, NIO Inc. NIO and General Motors GM. Before delving into the stocks, here’s a sneak peek at how China’s auto market (particularly EV sales) fared in 2021 and what you can expect down the road.
December Sales Fall for the 8th Straight Month but EV Momentum Sustains