China Car Sales Snap Eight-Month Losing Streak
March 08 2022 - 5:04AM
Dow Jones News
China's car sales snapped an eight-month streak of on-year
declines as the world's largest auto market started to recover from
Covid-19 disruptions and supply chain headwinds.
Retail sales of passenger cars in February rose 4.2% from a year
earlier to 1.25 million vehicles, the China Passenger Car
Association said Tuesday. The sales include estimated figures from
car makers that haven't officially reported their results.
The association also adjusted its figures for January sales to
an on-year fall of 5.0%, versus the estimated decline of 4.4% that
it reported last month.
Sales of electric and plug-in hybrid cars in February more than
doubled to 272,000 vehicles from a year earlier, the association
said.
The association predicted a slow recovery in China's car market
as the weakened real estate industry continues to hurt consumer
sentiment, and as sporadic Covid-19 infections disrupt business
activities.
The sales of two China joint ventures of Volkswagen AG fell
19.0% and 9.6% in February, data from the association showed.
Honda Motor Co. said its sales in China last month surged 30.1%
from a year earlier. Toyota Motor Corp.'s sales grew 9.5% and
Nissan Motor Co.'s rose 2.5%.
Tesla Inc. sold 56,515 cars made at its Shanghai factory, 59% of
which were exported outside China, data from the association
showed.
BYD Co.'s sales more than quadrupled in February from a year
earlier to nearly 90,000 vehicles, most of which were electric
cars, data from the association showed.
To further shore up the local car market, Chinese officials and
policymakers have said they are considering extending government
subsidies for purchases of electric and plug-in hybrid vehicles.
The subsidies are supposed to be canceled by the end of this
year.
Write to Singapore Editors at singaporeeditors@dowjones.com
(END) Dow Jones Newswires
March 08, 2022 04:49 ET (09:49 GMT)
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