(Yicai Global) May 12 -- The global chip shortage will have a marked impact on Chinese automakers this quarter, according to Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers.

The shortfall is so big and the situation is so complex that it is difficult to determine when it will be resolved, The Paper cited Chen as saying at a press conference today.

He does not expect the shortfall to be alleviated until the first quarter of next year after easing in the final quarter of 2021, the report said.

The auto industry’s development is still expected to have a solid foundation, according to the CAAM, but uncertainty remains from the global pandemic and the international environment, while China’s industrial recovery is still uneven.

In addition, higher raw material prices are piling pressure on manufacturers, and the foundation for a recovery in earnings needs to be further consolidated.

China’s auto sales reached 8.7 million units in the first four months of this year, up 51.8 percent from a year earlier and 4.5 percent from the same period in 2019, data released by the association showed.

Editor: Peter Thomas