16.4 C
Houston
Thursday, November 26, 2020

“A Sense Of Euphoria”: China’s Auto Sales Have Officially Completed Their V-Shaped Recovery

Less than a year after the Wuhan Coronavirus outbreak began in China, eventually causing a global economic disaster, China is happy to report its automotive sales are back to normal.

How normal? Journalist Yang Jin recently wrote for Automotive News that when you step into a Chinese car dealership, “you can’t help feeling a sense of euphoria”. 

The article pointed out that at dealerships on Wuzhong Road in southwest Shanghai, employees were wearing masks and there were no customers back in February. Now, salesmen could be seen smoking and laughing outside on break, without masks. 

Photo: Automotive News

Salespeople at a local Toyota dealer were seen “chatting merrily”. Their dealership has “run out of inventory”. 

Zhang Feng, a sales consultant, said: “A customer has to wait for three months after placing an order for large crossovers like the RAV4, and about one month for other Toyota models.” 

New vehicle sales were up 17% to 2.6 million in September as a result of massive government intervention and spending on infrastructure projects. Sales of commercial vehicles and buses were up 40% as a result. Light vehicle sales were up 8% for September, approaching 2.1 million. 

Toyota was the best performing brand during the month, with sales up 47%. GM also continued to recover, up 12% in the third quarter after plunging 43% in Q1 as a result of the pandemic and ensuing shutdowns. 

We noted back in early September that if China is truly the leading indicator globally, a V-shaped recovery could be in store for the rest of the world in coming months. China’s vehicle sales rose to 2.18 million units in August, according to preliminary data released by the China Association of Automobile Manufacturers and Bloomberg.

This marked a 11.3% year over year gain and follows a 16.4% rise for auto sales in July. Still, passenger vehicles were down 9.7% for the year to 14.5 million units.

Sales of heavy duty cars were also up 75% year over year in August to 128,000 units. This put 2020’s sales at 1.1 million units at the beginning of September, which was – unbelievably – higher than the same period for any year in the past. 

Zerohedge

Latest news

Biden’s Gun Control Plan Would Cost Gun Owners $34 Billion In Taxes

Submitted by Joseph Jankowski of Planet Free WillUnder Joe Biden’s proposed gun control plan, American gun owners would cough up tens of billions dollars...

Judge rules California can’t deny man wanting ‘QUEER’ on his license plate

A judge ruled on Tuesday against the state of California trying to prevent a man from putting the word "QUEER" on his license plate,...

NYC opens more COVID-19 testing sites to shorten lines before Thanksgiving

The city opened 25 extra COVID-19 testing sites on Wednesday to help shrink hours-long lines ahead of Thanksgiving, officials said. “New York City: we heard...

Flynn’s Family Thanks Trump for ‘Undoing a Hideous Wrong’

The family of former national security adviser, Lt. Gen. Michael Flynn, issued a statement Wednesday evening thanking President Donald Trump for pardoning him and...

Related news

Biden’s Gun Control Plan Would Cost Gun Owners $34 Billion In Taxes

Submitted by Joseph Jankowski of Planet Free WillUnder Joe Biden’s proposed gun control plan, American gun owners would cough up tens of billions dollars...

Judge rules California can’t deny man wanting ‘QUEER’ on his license plate

A judge ruled on Tuesday against the state of California trying to prevent a man from putting the word "QUEER" on his license plate,...

Flynn’s Family Thanks Trump for ‘Undoing a Hideous Wrong’

The family of former national security adviser, Lt. Gen. Michael Flynn, issued a statement Wednesday evening thanking President Donald Trump for pardoning him and...

Watch: F-35 Stealth Fighter Drops Mock Nuclear Bomb Over Nevada Desert

We recently highlighted the possibility that the US and China "may well be on the road to war, and nuclear war is no longer unthinkable." For...

Gov. Mike Parson to Missourians: ‘Government has no business’ regulating gatherings in homes

Like other leaders across the U.S., Missouri Gov. Mike Parson (R) reminded his constituents ahead of the Thanksgiving Day to be cautious about COVID-19....

Scientists: The Human Brain And The Entire Universe Have Odd Similarities

Authored by Justin MacLachlan via TheMindUnleashed.com,An astrophysicist at the University of Bologna and a neurosurgeon at the University of Verona have claimed that the...

Trump team has a ‘mountain’ of evidence, and you ain’t seen nothing yet

The Trump legal team has a "mountain" of evidence showing voting fraud that the...

Federal Court Strikes Down California DMV’s Censorship of Vanity Plates

A federal judge ruled that the California Department of Motor Vehicles’ ban on personalized license plates it deems contrary “to good taste and decency”...