China’s CV market rebound continues in May
By Will Pulson - 30th June 2023
China – China’s commercial vehicle market continued to rebound strongly in May 2023, by 38% year-on-year to 330,000 units from depressed year-earlier sales - when the government imposed widespread Covid lockdowns across the country. Wholesale data released by the China Association of Automobile Manufacturers (CAAM) shows the market plunged by over 50% to 239,000 units in the same month of last year.
Economic growth in the country accelerated to 4.5% year-on-year in the first quarter of 2023, up from a multi-decade low of 3.0% in the whole of last year, as the country began a gradual recovery from the Covid pandemic. Full-year growth is forecast to exceed 5%, with stronger economic output expected in the second half of the year.
