CADA: Car Chip Shortage Mitigated & Capacity Recovering
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China Automobile Dealers Association (CADA) has recently released the latest automotive consumption index of China, which landed at 59.6 in July, up from June but down from a few months ago. CADA's figures indicate that local automakers' capacity has been gradually recovering, supply of mainstream car models has resumed, car chip shortage has been apparently mitigated, and the market demand will thus grow again. CADA expects that there wil be a significant increase in automotive sales in August. Over the past few months, due to the shortage in car chips, local automotive sales continued to drop. In June this year, China's automotive capacity landed at 2.03 million vehicles, down 58,000 vehicles from May, which was the second consecutive drop in Chinese monthly car production.