Author: Belinda Zhou
Auto sales in China fell 42% year-on-year, and new energy vehicle sales fell 53% in March.
The China Automobile Manufacturers Association announced on Friday that 1.43 million cars had been sold in the country last month. By segment, sales of passenger cars and utility vehicles reached 1.04 million and 388,000 units, down 48% and 23%, respectively.
The association also reported 53,000 new energy vehicle transactions.
The dip, however, was an improvement over February’s results, when sales had reached nearly 80% from a year ago.
In the three months ending March, total sales in China fell 43%, according to CAAM.
A rebound is expected in the second half, thanks to successive support and promotion policies, said CAAM.
China reported four new local cases of COVID-19 on Thursday and Chinese companies have returned to normal, spurred on by government initiatives.
Earlier this week, BAIC Group (HKEX: 1958), which manufactures electric cars in China, announced that its sales in March plunged 64% year over year to 5,992 units. BYD Auto Co. Ltd. (HKEX: 1211) announced Wednesday that it has sold 12,256 units, down 70% year over year.
Meanwhile, Tesla Inc. (Nasdaq: TSLA) reported 10,000 units sold in China in March, while total deliveries of electric cars to the country were around 47,000 units, according to the China Passenger Car Association. Tesla shares closed at $ 573 a share on Thursday, up 4.40%.
The Chinese electric vehicle manufacturer NIO Ltd. (NYSE: NIO) said Tuesday that its vehicle deliveries last month doubled from February to 1533.
Thursday, the NIO title slipped by almost 3% to $ 2.67 by ADS.
Today, the New York stock markets are closed on Good Friday.