China’s passenger car sales up 1.9% YoY in May: CPCA
According to the China Passenger Car Association (CPCA), Retail sales of sedans, multi-purpose vehicles (MPVs), sport utility vehicles (SUVs) and mini buses stood at 1.64 million units in May, an increase of 1.9% year on year and 12.3% month on month.
China's sales posted the first year-on-year increase over the past 11 months. The country witnessed an increase as the auto market rebounded from the coronavirus crisis.
In the first five months of 2020, the sales decreased 26%, or 2.16 million units from the same period last year. Total retail sales stood at 6.05 million units due to the impact of an earlier-than-usual Chinese New Year holiday and the coronavirus outbreak, Shanghai Metals Market reported.
Stimulus policies from local governments to prop up demand and support passenger car retail sales this month, SMM expects.
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