China’s Car Sales to Rise 3.7% in March as New Policies Kick In – Yicai Global

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(Yicai) March 22 — Car sales may climb 3.7 percent in China this month from a year earlier, with March being a usual peak season and local governments launching new auto industry policies to boost the market’s recovery.

Retail sales of passenger vehicles will likely reach 1.65 million units in March, up 50 percent on the prior month, the China Passenger Car Association predicted yesterday.

The consumer vehicle market has been weak since the lunar new year holiday last month, the CPCA noted. Buyers held off over the holiday amid escalating price competition and anticipation of a policy for replacing old autos, slowing the release of demand in the short term, it added.

However, the car market still has good room for growth this year, as the Government Work Report proposed to stabilize and expand traditional consumption, encourage and promote replacing old consumer goods, and boost bulk consumption of items, including intelligent connected new energy vehicles and electronic products.

China will promote the replacement of old consumer goods this year, which can accelerate the release of demand to support the overall stable growth of the auto market.

Some 750,000 NEVs will likely be sold this month, up 37 percent from a year ago and 93 percent from February, with a penetration rate of up to 46 percent, the CPCA said.

Editor: Martin Kadiev

This post was originally published on this site

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