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June 12, 2020

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Auto sales show signs of recovery

China’s auto sales rose 14.5 percent year on year to 2.19 million vehicles in May, the second consecutive month of growth after the COVID-19 outbreak, the China Association of Automobile Manufacturers said yesterday.

This followed a 4.4 percent increase in April and a 43 percent slump in March. The overall decline earlier this year was attributed to macroeconomic factors and weak consumer confidence amid the pandemic.

In May, as the COVID-19 epidemic waned, auto companies accelerated the resumption of production, the association said.

The sector has been helped by a series of favorable policies by the central and local governments, and a return of consumer confidence.

Last month, the association predicted that annual auto sales could fall by between 15 percent and 25 percent, marking a third consecutive year of contraction. Last year, sales fell 8.2 percent to 25.77 million vehicles.

CAAM said the market is expected to recover significantly in the second quarter, but it would be difficult to achieve the same levels as a year earlier.

Passenger car sales in May werehed 1.67 million, up 7 percent from the same month last year. Commercial vehicle sales were 520,000 units, up 48 percent year on year. New-energy vehicles fell for an 11th month to 82,000 units.


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