18 Aug 2020
Posted in Automotive
China’s automotive industry bounce-back good news for global auto sector, says GlobalData
Following the news that the recovery in China’s auto sector is continuing with the vehicle production increasing by 11.2% year-on-year in the first ten days of August 2020, according to the data published by the China Association of Automobile Manufacturers (CAAM);
David Leggett, Automotive Analyst at GlobalData, a leading data and analytics company, offers his view:
“This is encouraging news, given that China is by far the world’s largest vehicle market. is essential for the global auto industry. China is leading the global vehicle market recovery this year – it was first in and first out from the COVID-19 crisis.
“GlobalData forecasts that China’s light vehicle market will turn out just 10% down in 2020 at around 22.1 million units – a highly respectable result.
“Recent months have seen a strong market bounce-back in line with GlobalData’s forecast, with vehicle sales up compared to the same time a year-ago after the sharp plunge in the first quarter.
“A particularly sharp increase in commercial vehicle sales augurs well for a continued upturn to China’s economy this year.
“Risks remain, but China’s continuing vehicle market recovery is very good news for the many carmakers and suppliers around the world with operations and joint ventures there. Higher China revenues would be a big positive in the second half of the year.”