Car sales in China broke an eight-month slump as the world’s largest car market began to recover from coronavirus-induced distortions and supply chain problems.
Passenger car sales in February rose 4.2% year-on-year to 1.25 million vehicles.
Sales include estimated data from automakers that have not officially announced their results.
The Passenger Car Association also adjusted its January sales data on an annual basis, down 5% from an estimated 4.4% drop the previous month.
Sales of electric and plug-in hybrid vehicles in February more than doubled to 272,000 vehicles compared to the previous year.
The association predicted a slow recovery in China’s car market as the weakened real estate industry continues to suffer from the consumer climate, with sporadic coronavirus outbreaks causing business to shut down.
Sales of two Volkswagen joint ventures in China fell 19% and 9.6% in February.
Honda Motor said sales in China last month were up 30.1% from a year earlier, with sales of Toyota up 9.5% and Nissan Motor 2.5%.
Tesla sold 56,515 vehicles manufactured in factories in Shanghai, 59% of which are exported outside China.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
