Car sales in China slowly picking up
The sale of cars in China is picking up again. According to first estimates, China sold 2.14 million passenger cars and small vans in May. That would be around 12 per cent more than in the same month last year, the China Association of Automobile Manufacturers reports. It is the first monthly growth in almost two years.
The CAAM previously reported that after lifting most of the corona restrictions, the Chinese have clearly found their way back to the showroom since mid-April. Volkswagen and Daimler also spoke of a hopeful recovery in Chinese car sales.
Not too optimistic
However, CAAM warns against too much optimism: “It does not seem to be a complete recovery of the market, which suffered from a slump in the economy, the trade conflict between China and the US and the loss of consumer confidence even before the corona crisis.”
In the first five months of this year, 7.9 million vehicles were sold in China, still nearly a quarter less than a year earlier. The car manufacturers’ organisation still assumes that the market will decline by around 25 per cent throughout 2020.
Author: Ruud Peys. Originally published on automobielmanagement.nl