China's new motor vehicle registrations rose in 2020 following a recovery in the country's economy from the Covid-19 pandemic and government stimulus measures to boost vehicle sales, according to the Chinese ministry of public security.
New registrations of motor vehicles increased by 3.56pc from 2019 to 33.28mn in 2020, despite a year-on-year fall of 21.17pc in the first quarter to 5.77mn because of the pandemic. Registrations during the remaining three quarters rose by 7.18pc, 20.48pc and 29.27pc, respectively, to 8.36mn, 9.03mn and 10.12mn units after lockdowns were lifted.
Registrations of gasoline-fuelled motor vehicles were 24.24mn in 2020, down by 5.95pc from a year earlier, while registrations of gasoline trucks increased by 28.43pc on the year to 4.16mn, reflecting a recovery in logistics services. New registrations of motorcycles rose sharply by 43.07pc from 2019 to 8.26mn.
Registrations of new energy vehicles (NEVs) reached 4.92mn units in 2020, up by 29.18pc from a year earlier, with pure electric vehicles accounting for 81.32pc of the total at 4mn.
Registrations of motor vehicles are expected to keep rising in 2021, supported by stimulus packages amid an expected growth in China's economy.
BOC Research Institute, established by the Bank of China, expects China's GDP to grow by around 7.5pc in 2021, up from around 2.1pc estimated for 2020.
China has increased its licence plate quotas and eased restrictions on NEV sales in some cities to encourage consumers to buy new family cars. It will continue to promote the use of automobiles in rural areas and trade-ins of used vehicles.
