China’s used car sales saw a recovery in May, with both sales volume and value recording month-on-month showing increases according to the data from the China Automobile Dealers Association.
More than 1.18 million used cars saw a change in ownership in China in May, increasing 7.98 percent from April, and the value of transactions increased 9.85 percent month on month to about 82.56 billion yuan (12.29 billion U.S. dollars), according to the association.
Secondhand car sales saw a monthly rise in five out of the six significant areas in May, led by the northeastern region with its sales increasing 98.02 percent from one month earlier.
In the first five months of this year, used car sales in the country were close to 6.17 million units, down 10.69 percent from the same period in 2021.
The association is optimistic regarding the market performance in June. It added that demand was disrupted by COVID-19 and will lead to new opportunities, especially in some of the cities including Beijing, Shanghai, and Zhengzhou.