The weakness in the property sector is expected to constrain China's economic growth to 4.6% in 2024. That is the Chinese economy is expected to be 4.6% bigger at the end of 2024 than it was at the end of 2023. The Chinese economy is forecast to be 5.4% bigger at the end of 2023 than it was at the end of 2022. The recent IMF estimates for China growth rates are being revised upwards (now downwards).
If you combine 2023 and 2024, the Chinese economy is predicted to be a massive 10% larger by the end of 2024 than it was at the end of 2022. If China hadn't had the property crisis that growth would have been more, but its not putting China into a recession (the economy getting smaller). The China economy has been growing and continues to grow. That growth is likely to mean total new vehicle sales continue to grow.
In addition to the economy growing and producing/consuming more, the Chinese new vehicle sales are continuing to transition from ICE to EV's. This is also lifting EV sales. Demand for EV's in China is at all-time records and continuing to grow every month.
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