Chinese Auto Market Hard Hit by A Series of Headwinds

SHANGHAI, Apr 14 (SMM) – Affected by a series of headwinds, such as the expiration of tax cuts on gasoline cars and subsidies for new energy vehicles (NEVs), as well as the “price war” that began in March, the auto market is under enormous pressure and the demand has been suppressed.

According to data from the China Association of Automobile Manufacturers, China’s automobile production and sales were 2.58 million units and 2.45 million units respectively in March, up 27.2% and 24% month-on-month, and 15.3% and 9.7% year-on-year.

In the first quarter, automobile production and sales amounted to 6.21 million units and 6.08 million units respectively, down 4.3% and 6.7% year-on-year.