SHANGHAI (XINHUA) – China’s auto sales in May are estimated to reach 2.14 million units, up 11.7 per cent year on year, indicating a growth for two consecutive months in the country’s auto market, an industrial association said.
In April, the domestic auto market reported a 4.4 per cent growth in sales from a year earlier according to a report from the China Association of Automobile Manufacturers.
The figure brought the total sales in the first five months to nearly 7.9 million units, down 23.1 per cent year on year.
Large-scale price reduction for sales promotions and a series of favourable policies during the May Day holiday led to the rebound of customer flows and sales, said the association.
Industry experts estimated, however, that auto sales growth in June will turn negative again. This was because suppressed consumer demand will have weakened as the impact of COVID-19 epidemic on the auto market fades, as well as the postponement of the Beijing International Automotive Exhibition and of the launch timing of some new car products.