CV sales grew almost twice as fast as the economy (5.1%) in the first quarter this year.

New energy commercial vehicles (NECVs), comprising mainly hydrogen, electric and plug-in hybrid vehicles, increased by 32% to 447,000 units.

The CV market’s recovery picked up momentum in August, as the economy continued its recovery following last year’s Covid lockdowns.

Sales of commercial vehicles in China continued to recover moderately in July 2023, with sales rising by 17% compared with the same month a year earlier.

The CV market in China continued to recover in June 2023, with sales rebounding by more than 26% from weak year-earlier sales, according to wholesale data released by the China Association of Automobile Manufacturers (CAAM). As we report this news, August 9, saw many leading newspapers around the world announce that the Chinese economy, the second largest in the world, had dipped into deflation, as the economy slowed.

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.

Commercial vehicle sales in the first four months of 2023 were up by almost 9% after declining by 40% in the same period of last year.

Economic growth in China slowed sharply last year to 3%, missing the government’s 5.5% target as tough lockdowns were implemented in major cities across the country for extended periods to control the Covid pandemic.

The country’s commercial vehicle market has declined sharply over the last two years, as economic growth continues to weaken due mainly to the global Covid pandemic. Last month’s decline was at a much slower rate than in over the last year, due mainly to the low base effect.