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China's passenger car market with strong growth in March

China's passenger car market recorded strong growth in March after business resumed gained momentum amid continued containment of the COVID-19 outbreak, Radio China reported.
According to the latest figures from the Association of Chinese Automobile Builders, total retail sales last month reached 1.04 million units, representing a 300-percent growth compared to February. Over 90 percent of small automotive retailers have renewed work, with sales mostly made online.

The wholesale market also registered growth. There, electric vehicle sales jumped 400 percent compared to the previous month and were 56,000 units for March.

Due to multiple factors, car sales in China have been declining for two years in a row. Because of the COVID-19 outbreak, retail in the sector fell by 40.8% year-on-year in the first three months of the year, the association said.

To support the market, the government announced measures to support new car sales, including loosening restrictions on buying them in certain cities, and promoting the second-hand car market. Beijing has also decided to extend subsidies and tax breaks for new energies cars by another two years, which were due to be phased out at the end of 2020.


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Administrator • 2020-03-07 13:30:05