Chinese used car market sees decline due to coronavirus crisis

by SpeedLux
Dongfeng Motor in Wuhan, China

China’s used car market saw a decline in March as COVID-19 cases in the country forced many automakers to temporarily halt business, according to the China Automobile Dealers Association (CAAA).

In March, about 1.32 million used cars were traded nationwide, a decline of 15.99 percent year on year, with the transaction value reaching 91.13 billion yuan ($14.30 billion), according to the association.

During the first quarter, the transaction volume of used cars declined 1.93 percent year on year to 3.88 million units. Sales amounted to 272.68 billion yuan.

The transaction volume of the used car market is expected to decline by over 10 percent year on year in April due to the coronavirus crisis, the association said.

About 178,764 people in China, have been confirmed as being infected with the coronavirus. The virus has killed 4,638 people in the country. Although these figures are heavily disputed and experts say the government has deliberately under-reported the figures.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

SpeedLux

SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.

Subscribe

©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More