China wholesales May 2020: Market expected to roar up 11.7% to largest gain in 28 months

The Hongqi H9 is part of an avalanche of new local models hitting the Chinese market as it recovers from the coronavirus…

According to the China Association of Automobile Manufacturers (CAAM), May wholesales in China are expected to surge 11.7% year-on-year to 2.14 million units according to preliminary estimates. This would complete a spectacular return of form of the Chinese market after the coronavirus crisis pulled wholesales down -18.4% In January, -79.1% in February and -43.3% in March. April (+4.4%) marked the end of 21 consecutive months of year-on-year declines and a V-shaped recovery for the Chinese market.

…the Weltmeister EX6 is another one.

Then, the gain was solely due to a particularly strong Commercial Vehicle segment up 31.6% to a record 534.000 units, notably heavy trucks up 61% to 190.000. In May, heavy trucks are expected to surge similarly at +62% to 175.000 but the overall growth rate indicates that Passenger Cars are up too this time. It is worth noting that May 2019 wholesales were particularly depleted at -16.4% to 1.912.600 units, and current May 2020 estimates place the month down -6.5% on May 2018 which totalled 2.287.800 units. If confirmed, the 11.7% year-on-year gain would be the largest in China since January 2018 (+12%), with April 2018 (+11.5%) another contender if the market growth ends up being muted from this preliminary estimate.

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