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China's Automotive Market Sees Reduced Sales Drop Margin in March 2020
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2020-04-13
On April 10, China Association of Automobile Manufacturers (CAAM) reported that China's automotive production and sales reached 1.422 million vehicles and 1.43 million vehicles respectively, an apparent drop of 44.5% and 43.3% respectively. In the first quarter of 2020, the domestic production in China was 3.474 million vehicles and the sales were 3.672 million vehicles, a drop of 45.2% and 42.4% respectively.
According to CAAM's survey, 23 companies have resumed production at their car production facilities with 86% of their workers having returned to work, indicating that the current local automotive industry in China is at 75% of last year's production level. CAAM stated that the pandemic wasn't over yet and part of the market demand remained restrained, but March sales apparently improved over February sales.
CAAM thinks that the virus spread in the U.S. and Europe deals a huge blow to the Chinese automotive market. The overseas spread impacts the overseas automotive consumer market and impedes China's automotive and components export. Judging from the first quarter this year, China's automotive export has yet to take the impact, at least for the quarter. During this January and March, China exported 204 thousand units of vehicles, down 11.5% from the same period last year, among which were 154 thousand units of exported passenger cars, up 5.3%. CAAM expects a greater automotive market recovery in the second quarter this year, but says it may be difficult for it to reach the level of the corresponding quarter last year.
According to CAAM's survey, 23 companies have resumed production at their car production facilities with 86% of their workers having returned to work, indicating that the current local automotive industry in China is at 75% of last year's production level. CAAM stated that the pandemic wasn't over yet and part of the market demand remained restrained, but March sales apparently improved over February sales.
CAAM thinks that the virus spread in the U.S. and Europe deals a huge blow to the Chinese automotive market. The overseas spread impacts the overseas automotive consumer market and impedes China's automotive and components export. Judging from the first quarter this year, China's automotive export has yet to take the impact, at least for the quarter. During this January and March, China exported 204 thousand units of vehicles, down 11.5% from the same period last year, among which were 154 thousand units of exported passenger cars, up 5.3%. CAAM expects a greater automotive market recovery in the second quarter this year, but says it may be difficult for it to reach the level of the corresponding quarter last year.
CAAM
car production and sales drop
Q1 2020
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2020-04-16
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