Guangdong is receiving credit for being the fastest in the country to relax purchase restrictions on vehicles, and the first to introduce promotions for sales. Not surprisingly, it is showing up in improving output figures. Guangzhou Auto led the charge, with sales up 6.1% YoY and 50.5% over March. Here’s how the big guns are looking so far in the recovery period:
Guangzhou Automobile Group: produced 179,100 units in April, up 7.11% YoY and 63.51% over March; sold 163,600 units, up 6.1% YoY and 50.5% over March.
|Guangzhou Auto||179,100 (+7.11% YoY, +63.51% MoM)||163,000 (+6.1% YoY, +50.5% MoM)|
|GAC Honda||77,400 (+10.61% YoY, 128.51% MoM)||71,700 (+0.53% YoY, +119.12% MoM)|
|GAC Toyota||66,000 (+46.2% YoY, +38% MoM)||63,600 (+46.90% YoY, +28.55% MoM)|
|GAC Chuanchi||–||19,300 (+40.62% MoM)|
|BYD||–||31,076 (18,814 ICE vehicles, +36% YoY)|
Guangdong has launched a series of promotions aimed at supporting consumption in the rural areas, such as relaxing license plate controls and increasing subsidies for trade-in replacements.
Authorities are understandably concerned about keeping the momentum going, as it is too soon to know if the demand is being spurred by a backlog of demand or is genuine new-buyer demand. SCN.