China’s CV market recovery continues in August
By Will Pulson - 23rd October 2023
Shacman’s popular X3000 heavy-duty truck
China - New commercial vehicle sales in China expanded by 20% year-on-year to 310,000 units in August 2023 from weak year-earlier sales of 258,000 units, according to wholesale data released by the China Association of Automobile Manufacturers (CAAM).
The market’s recovery picked up momentum in August, as the economy continued its recovery following last year’s Covid lockdowns. GDP expanded by just 5.5% in the first half of the year, however, which represents just a moderate rebounded despite significant government stimulus after growth slowed to 3% in the whole of 2022. Youth unemployment remains high in the country, while consumers have reined in spending amid significant economic uncertainty. Furthermore, the country’s property sector is seen as a major source of concern for consumers.
