Automotive vehicle sales in China in the third week of March declined by 40 percent year on year, according to the China Passenger Car Association (CPCA). In particular, average daily vehicle sales for the period amounted to 25,800 units, down 40 percent year on year, signaling vehicle sales recovered quickly.
In the first and second weeks of March, average daily vehicle sales in China totaled 16,700 units and 21,700 units, down 50 percent and 44 percent year on year, respectively.
Though local governments have issued stimulus policies for the car market, the policies will take effect in April, and so the CPCA forecasts that consumer confidence is unlikely return to normal levels by the end of March and that demand for vehicles is unlikely to rise significantly before then.