China auto sales recover in June
The China Association of Automobile Manufacturers (CAAM) reported that sales in June grew by 23.8% year on year to reach 2.5 million units. This recovery came after a12.6% decline in May and a precipitous fall in April of 47.6% when strict lockdown measures were in force in several major cities, including Shanghai.
The increase in June sales can be attributed to government incentives to support the industry and a recovery in production, particularly in covid lockdown-hit Shanghai.
The central government is developing plans to support the used-car market while pushing for more available financing for people looking to buy cars.
For the first six months of the year, the CAAM had estimated about 12 million units being sold, which was a 6.6% drop from the corresponding period in 2021.
