CHINA’S car sales are forecast to reach about 31 million units in 2024, up 3 per cent from a year earlier, with the pace of the gains cooling from an estimated 11.7 per cent rise from 2023, the China Association of Auto Manufacturers (CAAM) said on Monday.

Passenger vehicle sales are projected to rise by 3.1 per cent to 26.8 million units next year, slowing from a 10.3 per cent increase this year, according to CAAM estimates.

New energy vehicle sales are also set to cool with a 20 per cent growth in 2024 versus a 36.5 per cent jump in 2023, while car exports are forecast to rise to about 5.5 million from this year’s 4.8 million, the data showed.

The auto market will face challenges from shrinking demand, supply shocks and weakening expectations in 2024, said Xu Haidong, a senior official at CAAM. REUTERS