News ID: 321419
Published: 0351 GMT May 07, 2022

Chinese autos group estimates sales skidded 48% lower in April

Chinese autos group estimates sales skidded 48% lower in April
XINHUA

Visitors view an electric car made by Beijing Automotive Group Co, Ltd during Tianjin Auto Show 2021 in Tianjin, China, on September 29, 2021.

China's auto association estimates that sales in April dropped 48% year-on-year, as zero COVID-19 policies shut factories, limited traffic to showrooms and put the brakes on spending.

The estimate represents the steepest decline in sales for the world's largest auto market since February, 2020, near the outset of the pandemic, when sales fell 79% from a year earlier, Reuters reported.

Car sales in the first four months of the year could fall 12.3% from a year earlier, the China Association of Automobile Manufacturers said on Friday.

The sharp decline is the latest sign of the economic costs of the emergency measures China imposed to control a coronavirus outbreak in Shanghai and other cities in recent weeks and comes as manufacturers battle to restart production.

The overall sales estimate was also lower than an earlier one based on retail sales for the first three weeks of April.

The China Passenger Car Association had estimated retail deliveries of passenger cars in China were running 39% lower in the first three weeks of April from a year earlier.

Showrooms, stores and malls in Shanghai were shut over the month and its 25 million residents were unable to shop online for much beyond food and daily necessities.

Analysts at Nomura estimated in mid-April that 45 cities, representing 40% of China's GDP, were under full or partial lockdowns, with a growing risk of recession.

A survey by an association of China's auto dealers showed that showrooms in 34 cities had been closed by COVID-19 control measures in April, most for more than a week.

Before the Shanghai lockdown, sales of electric vehicles had been booming. Teslas sales in China had jumped 56% in the first quarter, while sales for EVs from its larger rival in China, BYD, had quintupled.

 

 

 

   
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