Market Chatter: Daimler Expects Strong China Sales Will Continue in 2022, Local Head Says

MT Newswires ·  {{timeTz}}

12:16 AM EST, 11/26/2021 (MT Newswires) -- Daimler expects its growth momentum in China to continue into 2022 after the German carmaker's China sales surged 12% year over year to a record 774,000 units in 2020 despite the COVID-19 pandemic, Reuters reported Thursday.

Year to date, Daimler China's sales have increased 8% year over year so far, according to the report.

"Everything speaks for the fact that China will be a super market next year as well," Daimler China Chief Hubertus Troska was quoted by the newswire as saying to reporters.

Troska, however, acknowledged that Daimler's share of the Chinese electric vehicle market is still small as it competes with local companies like XPeng (HKG:9868) and Tencent Holdings-backed (HKG:0700) NIO, as well as US electric carmaker Tesla, Reuters reported.

Daimler aims to only produce all-electric cars by 2030 depending on market conditions, according to the news outlet.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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