China wholesales December 2019 – June 2020. Source CAAM via China Automotive Review.
The China Association of Automobile Manufacturers (CAAM) expects Chinese wholesales to post a second consecutive double-digit year-on-year gain in June at +11% to roughly 2.28 million units after surging 14.5% in May. As a reminder May ended 21 consecutive months of year-on-year decline for Chinese wholesales. H1 volumes are now expected to drop -17% to 10.24 million units and the FY2020 decline now looks like it could be in the single-digits after all, which is something we at BSCB have been predicting all throughout the pandemic. According to local outlet China Automotive Review, heavy-duty truck sales continue to soar in June at +59% year-on-year, following a +66% surge in May and +61% in April, partly thanks to government aids helping the upgrade towards higher emissions standards-compliant trucks. Heavy-duty truck sales hit an all-time record 535.000 units in Q2 and 810.000 over H1, also a record.