China Auto Sales Growth Seen For Second Straight Month
In this article (4)
China’s vehicle sales are estimated to rise 11.7% on year in May, its top auto industry body said on Tuesday, cementing hopes of a recovery in the world’s biggest auto market with the first back to back monthly sales increase in about two years. The China Association of Automobile Manufacturers (CAAM), in a post on its official WeChat account, said vehicle sales were estimated to rise to 2.14 million in May. It said the numbers were based on sales data it had collected from key companies, without giving further details.
China’s vehicle sales are estimated to rise by 11.7 percent on-year in May,
CAAM expects January to May auto sales in China to fall 23.1% year on year to 7.9 million units.
As the global auto industry is hit hard by the coronavirus pandemic, China has become a ray of hope for automakers including Volkswagen and General Motors
In April, China’s auto sales hit 2.07 million units, up 4.4% from a year earlier, the first monthly sales growth in almost two years, CAAM data showed.
China is expected to see a drop of 15 percent in auto sales, even if the COVID-19 outbreak is contained effectively
It cautioned last month that even if China contains the outbreak effectively, its auto sales are expected to drop 15% this year, from over 25 million vehicles in 2019. If the pandemic continues, the annual sales contraction will likely be by up to 25%.
Questions & Answers
Q.What is the estimated total number of vehicles sold in China for May?
What is the estimated total number of vehicles sold in China for May?
The China Association of Automobile Manufacturers (CAAM) estimates that vehicle sales in May will reach 2.14 million units. This follows a 4.4% increase in sales during April, which was the first monthly growth in nearly two years.
Q.How much are total auto sales expected to fall for the first five months of the year?
How much are total auto sales expected to fall for the first five months of the year?
CAAM expects auto sales from January to May in China to fall 23.1% year on year. This equates to a total of 7.9 million units sold during that period, despite recent monthly increases.
Q.What is the projected annual decline in China's auto sales if the COVID-19 pandemic continues?
What is the projected annual decline in China's auto sales if the COVID-19 pandemic continues?
If the pandemic continues, the annual sales contraction for China's auto market will likely be up to 25%. This is a more pessimistic forecast than the 15% drop expected if the outbreak is contained effectively.
Reader pulse
China auto market recovery:
16,498 votes so far