China’s vehicle sales are estimated to boost 11.7% on year in May, its top auto industry body stated on Tuesday, increasing hopes of a recovery in the world’s biggest auto market with the first back to back monthly sales boost in about two years.
The China Association of Automobile Manufacturers (CAAM), in a post on its official WeChat account, stated that vehicle sales were estimated to increase to 2.14 million in May. It said the numbers were based on sales data it had collected from major companies, without giving further details.
CAAM expects January to May auto sales in China to drop 23.1% year on year to 7.9 million units.
In April, China’s auto sales hit 2.07 million units, increasing 4.4% from a year earlier, the first monthly sales growth in nearly two years, CAAM data showed.
It said last month that even if China contains the outbreak effectively, its auto sales are expected to decline 15% this year, from over 25 million vehicles in 2019. If the pandemic continues, the annual sales contraction would be about 25%.