Automotive vehicle sales in China in the fourth week of March declined by 24 percent year on year, according to the China Passenger Car Association (CPCA). In particular, average daily vehicle sales during the week in question amounted to 53,900 units, down 24 percent year on year, signaling a rapid improvement in vehicle sales.
In the first, second and third weeks of March, vehicle sales reached 16,700 units, 21,700 units and 25,800 units, down 50 percent, 44 percent and 40 percent year on year, respectively.
So far, demand for vehicles in China has not recorded any very strong recovery, with just a gradual improvement seen in sales. China plans to implement a stimulus policy for its automobile industry, but this will not take effect in April. Accordingly, the CPCA foresees that the stimulus is unlikely to result in sharp rises in demand for vehicles in the short term.