China’s automobile sector has been recovering faster than market expectations, an analyst said. Sales of passenger cars paring a year-on-year drop to around 3 percent in April, while automobile sales overall grew by 5 percent from a year ago, the first positive year-on-year growth for the sector in 21 months, according to data from China Association of Automobile Manufacturers. The CAAM previously forecast automobile sales would grow by 11.7 percent from a year earlier. UBS surveyed 1,000 consumers during the first week of February and April, respectively, and found that the proportion of respondents who intend to purchase a car has risen from 17 percent to 27 percent, reflecting growing demand, said UBS auto analyst Paul Gong MinUBS forecasts auto sales in the second quarter to increase compared with a year ago. Gong said sales will grow by 10 percent in the third quarter.

Source: The Standard June 04, 2020 10:18 UTC