CAAM: China's auto sales to fall 10%-20% in 2020

SHANGHAI, Jun 23 (SMM) – China's auto sales are expected to fall between 10% and 20% this year, according to the latest estimate from the China Association of Automobile Manufacturers (CAAM).

This is an improvement from the industry body’s previous estimate of a decline of 15% to 25%, following signs of recovery from the coronavirus pandemic.

CAAM data showed that China’s auto sales jumped 14.5% year on year in May, much faster than an increase of 4.4% in April, the first rise in 22 months.

For the first five months of 2020, China’s car sales fell 22.6% to 7.96 million units, 8.5 percentage points smaller than the decline seen in the January-to-April period.