CHINA China sees robust rebound in passenger car sales

CHINA

China sees robust rebound in passenger car sales

Xinhua

20:45, April 09, 2020

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BEIJING, April 9 (Xinhua) -- China's passenger car market saw a strong month-on-month rebound in March as business resumption gained momentum amid further containment of the novel coronavirus disease (COVID-19) epidemic.

Data from an industry association showed Thursday that total retail sales reached 1.04 million units last month with a 300-percent rise from February, with over 90 percent of auto retail stores back on track for services and mostly online sales.

The wholesale market also registered month-on-month triple growth, with sales of new energy vehicles jumping 400 percent to 56,000 units from February, according to the China Passenger Car Association.

Due to multiple factors, China's car sales have been falling for two consecutive years. Compounded by the COVID-19 epidemic, retail sales plunged 40.8 percent year on year during the first three months of the year, the association said.

To prop up the market, China will endeavor to stabilize new car sales, loosen purchase restrictions in certain cities and invigorate the used car market in a bid to unleash the consumption potential for cars.

The country decided to extend subsidies and tax exemptions for new energy vehicle purchases by another two years, which were set to expire at the end of this year.

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