China’s Auto Sales Rebound as Price War Cools
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Automakers in China watched as sales picked up speed in April as the ongoing price war has cooled, leaving consumers keener to buy following a sluggish first quarter.
The industry reported some big growth numbers for last month, with domestic sales for passenger cars rising 55.5% year-on-year to 1.63 million vehicles, exports jumping 227% to 300,000 vehicles, and overseas shipments of new-energy vehicles (NEVs) surging more than tenfold, according to data released Tuesday by the China Passenger Car Association (CPCA). All the figures benefitted from a low base of comparison in April 2022, when the entire city of Shanghai was in lockdown to prevent Covid from spreading.
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