(C) Reuters. Newly manufactured cars are seen at a port in Dalian
BEIJING (Reuters) – China’s vehicle sales are estimated to rise 11.7% on year in May, its top auto industry body said on Tuesday, cementing hopes of a recovery in the world’s biggest auto market with the first back to back monthly sales increase in about two years.
The China Association of Automobile Manufacturers (CAAM), in a post on its official WeChat account, said vehicle sales were estimated to rise to 2.14 million in May. It said the numbers were based on sales data it had collected from key companies, without giving further details.
CAAM expects January to May auto sales in China to fall 23.1% year on year to 7.9 million units.
In April, China’s auto sales hit 2.07 million units, up 4.4% from a year earlier, the first monthly sales growth in almost two years, CAAM data showed.
It cautioned last month that even if China contains the outbreak effectively, its auto sales are expected to drop 15% this year, from over 25 million vehicles in 2019. If the pandemic continues, the annual sales contraction will likely be by up to 25%.
China auto sales growth seen for second straight month, boosting recovery hopes
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.