The auto market in China is a widely observed economic indicator and a leading indicator for the rest of the world, not only because the country is the number one seller of vehicles in the world, but also now as a litmus test on how the coronavirus of the country recovers the door is open.
For now, despite a questionable Miraculous rebound, sales continue to drop.
Auto sales figures for April fell 5.6% compared to last year, despite 37% increase in March figures, according to data released Sunday by the Chinese Passenger Car Association Market clock
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The CAAM declares that the decreases are moderating, even if we find it hard to believe (forgive our skepticism about China) that such a V-shaped recovery is possible in the country where the epidemic started.
According to data from China, the rebound in year-over-year growth is brutal and the April decline fades against a 40% YoY drop in March and a 79% YoY drop in February.
The Chinese government will try to stimulate demand with new policies to attract buyers, according to Bloomberg, citing an unidentified group from the auto industry in China.
Recall that we recently noticed that the American car manufacturers. United States They strongly encourage buyers to return to the showrooms. Europe is following suit, with Volkswagen launching a sales initiative to boost demand, including better rental and financing conditions.
Meanwhile, optimism for May in China is already subdued.
It's not just the country keep fighting with locks, but the first five days of May were holidays that could have a negative impact on sales.
The outlook for the year is also far from optimistic. CAAM predicts sales will grow from 15% to 25% over the year