Private car sales in China increased by 8.8 percent in August compared to the same period last year. The Confederation of Special Automobile Manufacturers of China announced that sales in August were the highest increase since May 2018. Over the past month, a total of 730 million cars were sold in August, according to figures released by the China Federation of Special Vehicle Manufacturers. Sales increased by 6.5 percent compared to the previous month. These data really prove signs of recovery in the largest auto market in the world, in the wake of the Coronavirus crisis at the beginning of the year. The union also draws attention to the fact that there was a very significant increase in luxury car sales for the month of August, an increase of 32 per cent compared to last year and 3 per cent compared to the previous month.
In fact, the Chinese auto industry has been hit hard by the COVID-19 outbreak. In February, when the epidemic and contagion process was most intense, when the Chinese closed their homes for fear of contracting the disease, car sales were down 80 percent compared to last year.
Then the market quickly recovered as the effects of the epidemic subsided. So much so, that auto sales entered an upward trend, with an increase of 1.9 percent in May for the first time after the start of the year. However, the level of sales was well below the level of the previous year. In fact, the sales figure for the first eight months of the year was 15.2 percent lower than the previous year.
The auto industry is vital to the economy of the Asian giant and is one of the first to benefit from state support. With these numbers, China has become the world's largest auto market in recent years.
Hibya Haber Ajansı