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Financial News: China's Auto Sales Rise For First Time Since

China's Auto Sales Rise For First Time Since Mid 2018

05/11/2020 - 07:34:00 (RTTNews)

(RTTNews) - China's auto sales increased for the first time since mid-2018 in April as the government relaxed coronavirus containment measures, data released by the China Association of Automobile Manufacturers, or CAAM, revealed Monday.

Auto sales increased 4.4 percent on a yearly basis to 2.07 million units in April. This was the first increase since July 2018. Sales had fallen 43 percent in March.

The increase was largely driven by commercial vehicle sales. Meanwhile, car sales were down 5.6 percent from last year.

The lobby said the automotive industry picked up due to the epidemic prevention measures and policies taken by the government to support the industry.

However, the industry group expects auto sales to fall 15 percent this year.

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