Car Sales In China Crash 40.8% YoY In March

While China continues to fake its economic recovery, pretending to reopen businesses, only to figure out it’s facing a second coronavirus wave, new stats from China Passenger Car Association (CPCA) detailed some disturbing realities the country continues to face: crashing car sales in March. 

CPCA data showed car sales in March plunged 40.8% from a year earlier to 1.08 million units as quarantines, limited travel, and business shutdowns still plague the second largest economy in the world.  

China is the world’s biggest car market and has seen crashing sales in the last three months. However, CPCA notes during an online briefing on Thursday that sales could rebound in April.

China is hoping for a speedy recovery, but as we’ve noted over the last month, it’s happening at a much slower rate than anyone has anticipated. Leaving some to believe, any recovery is not the widely expected V-shaped or U-shaped, but rather a possible L-shaped recovery.

Tesla car sales in the country went against the grain last month, considering after several months of quarantine, the first thing a person does is buy a Model 3? 

CPCA data showed the US-based electric car company recorded the highest ever monthly sales in China, coming in at 10,160 units in March, reported Reuters. The company sold around 3,900 units in February, up from 2,620 units in January. 

With overall Chinese car sales continuing to print lower, recovery hopes for the second-largest economy, nevertheless, the world, are dim at this point. As per the latest reports from WTO and OECD on Wednesday, the global economy might already be in recession.