CPCA: China’s passenger car sales estimated to recover to 1.03 million units in March, down 41%YoY

SHANGHAI, Mar 18 (SMM) – China’s passenger car sales for March are expected to recover significantly from February as businesses get back to work and COVID-19 infections grinds to a near halt.

The China Passenger Car Association (CPCA) said on Monday that retail sales of sedans, multi-purpose vehicles (MPVs) and sport utility vehicles (SUVs) in China are estimated to be 1.03 million units in March, down 41% from the same month of 2019.

This would mark a significant increase from 252,308 units in February when saw a year-over-year decline of 78.5%.

Data from the China Association of Automobile Manufacturers (CAAM) showed that 90.1% of 23 automakers in China have restarted production as of March 11. The 23 automakers account for over 96% of total annual sales.

Consumer sentiment has yet to recover to normal in March, which will keep sales for the month at record lows, the CPCA added. Car sales in the first three months of 2020 are expected to shrink about 2.1 million units from 5.09 million units in the same period last year.