- As Beijing ramps up infrastructure spending to revive the economy, Auto wholesales in China rose 11.6% Y/Y in June to 2.3M units, driven by growing demand for trucks and other commercial vehicles.
- Overall rise in June sales was followed by a rise of 14.5% in May and 4.4% in April. Sales of commercial vehicles surged 48% in May and 32% in April.
- Sales of trucks, vans and other commercial vehicles increased 63% Y/Y, while sales of passenger vehicles rose only 1.8%.
- As per China Association of Automobile Manufacturers, China’s auto sales are expected to fall by 10%-20% for FY2020 as a whole due to their earlier collapse, from over 25M units sold in FY2019.
- Related manufacturers: Nio (NYSE:NIO), Great Wall Motor (OTCPK:GWLLF, OTCPK:GWLLY), BYD (OTCPK:BYDDY, OTCPK:BYDDF), Kandi Technologies (NASDAQ:KNDI), Geely (OTCPK:GELYY, OTCPK:GELYF), Guangzhou Automobile Group (OTCPK:GNZUF) and Dongfeng Motor (OTCPK:DNFGY).