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June 5, 2020

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Pandemic drives auto demand

China’s auto sales in April and May exceeded expectations, Paul Gong, China auto analyst at UBS Investment Research, said yesterday.

China’s vehicle sales should show an 11.7-percent rise year on year for May, according to data from the China Association of Automobile Manufacturers.

UBS said May’s growth indicates recovery to a greater extent in the overall auto market, noting that the COVID-19 pandemic had partially raised people’s desire to buy a vehicle.

The firm believes the industry may drop 10 percent YoY in the second quarter but overall auto sales could increase by 10 percent in the third quarter.

The sales growth for April and May was much higher than predicted by UBS in March.

UBS interviewed 1,000 people in China during the first week of April, with 27 percent saying the pandemic had spurred their desire to buy a car even though around half of the households may already have a vehicle.


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