The latest data from the peak body for China’s automotive sector points to a sharp rise in production and sales in May, as the national economy recuperates from the impacts of the COVID-19 outbreak.
Figure released by the China Association of Automobile Manufacturers (中国汽车工业协会) (CAAM) on 11 June indicate that in May China’s automobile production hit 2.187 million units, for a YoY rise of 18.2% and an acceleration of 15.9 percentage points compared to the previous month.
Automobile sales were 2.194 million units, for a YoY rise of 14.5%, and an acceleration of 10.1 percentage points compared to April.
“China’s automotive market has basically emerged from a decline path, and its showing a strong trend of recovered growth,” said Fu Bingfeng (付炳锋), deputy-secretary and vice-head of CAAM.
“The figure of 14.5% fully reflects the long-term trend of improvement in china’s automotive market remains unchanged, and consumer confidence hasn’t changed.”
Commercial vehicle sales production and sales both saw YoY growth of over 40% in May, while production and sale of passenger vehicles reversed an 11-month negative streak to rise 11.2% and 7% respectively.