China’s automotive market has bounced back over the last quarter, with automotive sales up for the last three months.
Marking a third straight month of year-over-year increases, China’s June automotive sales were up 11.6%, according to data recently released by the China Association of Automobile Manufacturers (CAAM).
According to the CAAM, SUV sales were up 10.5%, while car sales fell 4.9% and MPV sales fell 11.8%.
May sales rose 14.5% year over year, while April sales jumped 4.4%.
Compare that with March sales, which dipped 43.3%.
China’s recovery has boosted metals markets and, evidently, automotive sales. Consumers will need to continue to rebuild confidence when it comes to doing things that were previously standard consumer events — going to an automotive showroom to check out the latest models, for example.
As Stuart Burns explained Friday, while China’s recovery has powered a recovery for a number of metals, its recovery is shakier in other sectors.
“Retail sales have remained weak in Q2 despite lockdowns ending months ago,” Burns wrote.
“May retail sales were still down 2.8% on last year. Thursday’s latest figures show GDP growth of 3.4%. Retail sales remain in negative territory, however, down 3.9%.”
Commercial vehicle sales up 63.1%
Meanwhile, commercial vehicle sales in June picked up by 63.1%, according to CAAM.
Truck sales rose 72.6%, while semi-trailer sales gained 50.5%.
Ford’s China sales up 3% in Q2 2020
Ford’s sales in the Chinese market showed some strength in Q2, rising 3% year over year.
Ford and its joint venture partners — Changan Ford, JMC and Ford Lio-Ho — sold a total of 158,589 vehicles in China in the second quarter. The Q2 sales total marked a 78.7% sales increase compared to Q1 2020.
“The company’s refreshed vehicle lineup, including the addition of the all-new Ford Escape and Lincoln Corsair, offered a favorable product mix to meet consumer needs. Sales were particularly strong in the commercial vehicle and luxury segments,” the automaker reported earlier this month. “Double-digit year-over-year increases were achieved by Transit commercial vehicles with sales of 15,007 units, up 60.9 percent, and Lincoln luxury vehicles with sales of 13,896 units, up 12.0 percent.”