SHANGHAI, May 14 (SMM) – Daily retail sales of passenger vehicles in China averaged 32,000 units in the first week of May (May 1-10), up 12% from the fourth week of April, suggesting that China’s car market continued to recover in a steady pace, the China Passenger Car Association (CPCA) said on May 13.
The past five-day Labour Day holiday meet people’s pent-up demand for self-drive tours after the easing of coronavirus-related lockdowns. This, coupled with stimulus measures including subsidising new car buyers and those who trade in their old cars for new ones, lifted passenger car consumption.
On a yearly basis, the daily retail sales of passenger vehicles in May 1-10 declined 7%, due to a high base the same period a year ago amid sales promotion for vehicles with lower emission standards.
Separately, the China Association of Automobile Manufacturers (CAAM) expects China’s auto market to gain growth momentum in the upcoming two months, after the rebound of the market in April failed to meet expectations.