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While China was one of the first countries to be most impacted, it also represents the hoped-for start of a recovering economy, thanks in particular to its car sales in the country.
The year 2020 was full of twists and turns for the Asian giant.
First of all with a beginning of the year in full fall due to the discovery of the Covid-19, the figures improve only from August 2020 for the country thanks to the sale of its passenger cars up by 8.8%, one of the fastest progression that the country has experienced since the year 2018.
Nevertheless, these sales stagnated in September and progressed at a slow pace, with an increase in sales of only 7.4%, before picking up speed in October and climbing back up to +8%, according to a trade federation, and 1.992 million cars sold, according to a press release from the China Federation of Passenger Car Manufacturers (CPCA).
Overall, China is posting relatively positive figures thanks to the automotive sector, which has enabled it to catch its breath after a difficult year. The luxury vehicle segment overall grew by 30% over the whole of 2020, but it is the electric segment that stands out in particular with an annual increase of 119.8% and 144,000 units sold.
However, despite the rather positive results, this is not the best year for the Asian economy, which had a much better year in 2019. According to the CPCA, the months of January to October combined show a total sales figure down by 10.2%.
For years, the Asian giant has become the world’s largest automotive market. This sector is a crucial market and one of the most important in the country. Chinese consumers are big fans of it, especially in the luxury sector, which is why the market was one of the first to benefit from the government’s support measures to revitalize it and its consumption.
Although the Chinese automotive market has been growing steadily since the 1990s, the figures show a slight decline in annual car sales since 2018 and 2019, due in particular to a slowdown in the general economy and trade tensions with the global giant, the United States.
Read also > BMW GROUP ANNOUNCES RATHER POSITIVE FIGURES FOR THE THIRD QUARTER OF 2020
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While China was one of the first countries to be most impacted, it also represents the hoped-for start of a recovering economy, thanks in particular to its car sales in the country.
The year 2020 was full of twists and turns for the Asian giant.
First of all with a beginning of the year in full fall due to the discovery of the Covid-19, the figures improve only from August 2020 for the country thanks to the sale of its passenger cars up by 8.8%, one of the fastest progression that the country has experienced since the year 2018.
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While China was one of the first countries to be most impacted, it also represents the hoped-for start of a recovering economy, thanks in particular to its car sales in the country.
The year 2020 was full of twists and turns for the Asian giant.
First of all with a beginning of the year in full fall due to the discovery of the Covid-19, the figures improve only from August 2020 for the country thanks to the sale of its passenger cars up by 8.8%, one of the fastest progression that the country has experienced since the year 2018.
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