BUSINESS China's auto sector posts double-digit growth

BUSINESS

China's auto sector posts double-digit growth

China Daily

14:16, June 12, 2020

Visitor wearing masks attend the 17th Hainan International Auto Exhibition, in Haikou, South China's Hainan province, on May 22, 2020. [Photo/Xinhua]

China's auto market stepped up recovery in May, with both production and sales showing double-digit growths, as per industry data Thursday.

Total automotive output stood at 2.19 million units last month, up 18.2 percent on a yearly basis, and sales hit 2.19 million units, up 14.5 percent compared with a year earlier, according to the China Association of Automobile Manufacturers.

The yearly growths in output and sales were 15.9 percentage points and 10.1 percentage points higher than those registered in April, respectively.

From January to May, automobile output and sales totaled 7.79 million and 7.96 million units, respectively, a year-on-year decrease of 24.1 percent and 22.6 percent.

In terms of passenger cars, contraction ended both in production and sales last month, with 11.2 percent and 7 percent growth registered, respectively, or 1.66 million and 1.67 million units.

In the first five months, the production and sales of passenger vehicles were 5.96 million and 6.11 million units, respectively, and the year-on-year fall slowed to 29.1 percent and 27.4 percent.

For commercial vehicles, the production and sales reached 527,000 and 520,000 units in May, respectively, up 47.7 percent and 48 percent year-on-year. The first five months saw production and sales at 1.83 million and 1.85 million units, respectively, down 1.4 percent and 1 percent over the past year.

The country's new energy vehicle market witnessed the production and sales at 84,000 and 82,000 unites last month, down 25.8 percent and 23.5 percent year-on-year, respectively. From January to May, production and sales figures were 295,000 and 289,000 units, down 39.7 percent and 38.7 percent yearly.

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