New post
John Wang
in
Stocks
April 10 19:29

Pandemic speeds up the fall of car sales in China

Coronavirus drives the struggling market further down.
39
0
Car sales in China have been reduced by 43% in March. The biggest car market in the world is still struggling to recover after the initial coronavirus hit. 
The fall has been slowing down. February saw car sales go down by 79%. Nevertheless, the demand has been going down for 21 months straight. According to the report by China Association of Automobile Manufacturers, there were 1,43 million more cars sold in March 2019, than in March 2020.
Sales of the new energy vehicles have been going down as well. 53000 cars have been sold last month - Tesla’s models not included. 
The sector as a whole has been under pressure even before the pandemic, undermined by trade war, new emission standards and a slower pace of economic development. The analysts have stated that if the pandemic is contained by April, the car sales in China will fall by about 5% in 2020.