Chinese auto manufacturer Geely Auto has increased its sales target in 2021 in anticipation of a sustained recovery in China's economy.
The company raised its sales target to 1.53mn in 2021, up from 1.42mn in 2020, following higher car sales for five consecutive months since August. December sales rose to 154,202, up by 19pc from a year earlier and by 2pc from November.
Geely sold 1.32mn vehicles in 2020, down from 1.36mn in 2019 because of disruptions during the Covid-19 outbreak in last year's first quarter. Geely has been the top seller of Chinese brand passenger cars for four consecutive years since 2017. The firm's sales outside of China increased to nearly 73,000 in 2020, up by 25pc on a year earlier.
The IMF has forecast China's economic growth will be 7.9pc in 2021 following a slight rise of 2.3pc in 2020, according to China's national statistics bureau today.
China's auto sales in 2020 fell by 1.9pc from a year earlier to 25.32mn, data from China association of automobile manufacturers (CAAM) show, down from a drop of 8.2pc in 2019. CAAM forecasts domestic auto sales to rise by 4pc in 2021 from a year earlier because of government stimulus measures and renewed buying interest.
China's central government has urged local authorities to increase their licence plate quotas to encourage consumers to buy new family cars, while starting campaigns to promote the use of automobiles in rural areas and trading in used vehicles. Buying interest has increased for private vehicles to avoid Covid-19 infections from taking public transport.
Source Argus Media