July 21, 2024

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China’s 2020 automobile product sales drop for 3rd year amid coronavirus

China’s 2020 automobile product sales drop for 3rd year amid coronavirus

BEIJING (AP) — China’s product sales of SUVs, minivans and sedans fell for a 3rd yr in 2020 as the coronavirus hurt presently weak demand from customers in the industry’s leading world market, an field team reported Wednesday.

Income declined 6% when compared with 2019 to 20.2 million, in accordance to the China Affiliation of Automobile Brands. Income of professional autos rose 18.7% to 5.1 million.

In December, revenue rose 7.2% over a calendar year before to 2.4 million, down from November’s 11.6% progress. Revenue of vans and buses rose 2.4% to 456,000.

Even ahead of the coronavirus strike, need was hurt by purchaser unease about attainable task losses thanks to a slowing financial state and Beijing’s tariff war with the United States.


The downturn hurts world-wide suppliers that are on the lookout to China to push revenue at a time of flat or declining demand in the United States, Europe and Japan.

It squeezes dollars movement for international and Chinese automakers that are pouring billions of pounds into developing electric automobiles below authorities force to satisfy revenue quotas.

Dealerships and factories were being closed in February to battle the coronavirus outbreak that started in China’s southwest in late 2019.

The car sector was between the earliest to revive soon after the ruling Communist Occasion declared the disorder beneath command the next thirty day period and allowed firms to reopen.

Complete-calendar year benefits ended up an advancement around the January-November period of time, when income had been down 7.6% from a yr before.

Sales of electric and gasoline-electric hybrid autos rose 10.9% in 2020 around a yr previously to 1.4 million, according to CAAM. December product sales rose 49.5% from a year in the past to 248,000.

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China Association of Vehicle Makers: www.caam.org.cn

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