09 Jul 2020
Posted in Automotive
China vehicle market on course for 22 million sales in 2020, says GlobalData
Following the news that the retail sales of new passenger vehicles in China declined by 6.5% to 1.68 million units in June, according to the preliminary data released by the China Passenger Car Association (CPCA);
David Leggett, Automotive Analyst at GlobalData, a leading data and analytics company, offers his view:
“June’s year-on-year decline was in line with expectations and needs to be seen against a particularly strong result in the same month last year – due to heavy discounting as dealers looked to shift stock ahead of emission regulation changes.
“It also follows a strong result in May as the market continued its rebound from a sharp Q1 decline due to COVID-19. Indeed, the June car market was 2.6% ahead of May’s.
“This leaves China’s light vehicle market on course to reach GlobalData’s forecast of 22.1 million sales this year, a result that would be just 10.3% down on 2019.
“While risks remain, the strong bounce-back of the world’s largest vehicle market in recent months is welcome news for the automotive industry and manufacturers – both Chinese domestics and foreign companies with Chinese manufacturing joint ventures.”