The Impacts and Opportunities of COVID-19 Pandemic on China’s Automobile Industry

DOI

10.2991/aebmr.k.220307.045How to use a DOI?

Keywords

COVID-19; Automobile industry; Automobile research and development; Automobile production; Automobile sales

Abstract

At the start of 2020, the COVID-19 suddenly broke out in Wuhan, China. With the rapid spread of the epidemic, it has comprehensively affecting and changing people’s lives. The pandemic has posed impacts on all industries, especially the automobile industry with high industrial correlation. Under the current situation of the overall downturn of the automobile market caused by the downward pressure of the economy, the outbreak of the epidemic is even worse, which will directly affect the automobile industry, including automobile research and development, automobile production, parts supply, domestic sales and export. In order to explore the impacts of COVID-19 on China’s automobile industry and the opportunities for its future development, the author analyzed in terms of automobile research and development, automobile production and automobile sales. The study found that while COVID-19 has forced car companies to delay their research and development plans, it has also accelerated research on in-car purification features and driver-less technology. In addition, the epidemic has led to the suspension of automobile production and auto parts shortages in China. China has issued a series of policies to encourage the automobile industry to form a key technological innovation capacity. As for the impact of COVID-19 on automobile sales, the volume of automobile sales in the domestic market, as well as export markets, has declined due to concerns about the epidemic and strict quarantine measures. However, the growing demand for new energy vehicles in Europe during the pandemic has opened up a market for new energy vehicles and battery sales in China.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Xuetong Sun
PY  - 2022
DA  - 2022/03/26
TI  - The Impacts and Opportunities of COVID-19 Pandemic on China’s Automobile Industry
BT  - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
PB  - Atlantis Press
SP  - 286
EP  - 290
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220307.045
DO  - 10.2991/aebmr.k.220307.045
ID  - Sun2022
ER  -