BEIJING — China’s gross sales of SUVs, minivans and sedans fell for a 3rd yr in 2020 because the coronavirus damage already weak demand within the business’s high world market, an business group reported Wednesday.
Gross sales declined 6% in contrast with 2019 to twenty.2 million, in line with the China Affiliation of Vehicle Producers. Gross sales of business autos rose 18.7% to five.1 million.
In December, gross sales rose 7.2% over a yr earlier to 2.4 million, down from November’s 11.6% progress. Gross sales of vehicles and buses rose 2.4% to 456,000.
Even earlier than the coronavirus hit, demand was damage by shopper unease about attainable job losses attributable to a slowing financial system and Beijing’s tariff warfare with the US.
The downturn hurts world producers that need to China to drive income at a time of flat or declining demand in the US, Europe and Japan.
It squeezes money circulation for world and Chinese language automakers which are pouring billions of {dollars} into creating electrical autos below authorities stress to fulfill gross sales quotas.
Dealerships and factories had been closed in February to battle the coronavirus outbreak that started in China’s southwest in late 2019.
The auto business was among the many earliest to revive after the ruling Communist Get together declared the illness below management the next month and allowed companies to reopen.
Full-year outcomes had been an enchancment over the January-November interval, when gross sales had been down 7.6% from a yr earlier.
Gross sales of electrical and gasoline-electric hybrid autos rose 10.9% in 2020 over a yr earlier to 1.4 million, in line with CAAM. December gross sales rose 49.5% from a yr in the past to 248,000.
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China Affiliation of Vehicle Producers: www.caam.org.cn
