China’s vehicle sales in February drop 13.77% over the previous year, CAAM

Shanghai (Gasgoo)- In February, China's vehicle sales reached 1,481,600 units, dropping 13.77% year on year and slumping 37.41% month on month, according to the China Association of Automobile Manufacturers (CAAM).

Affected by the Spring Festival, it is not strange that both PV and CV sales represented negative month-on-month (MoM) growth in February. However, compared with the performance of a year ago, PV sector faced a decrease of 17.35% which was somewhat be counteracted by CV sector’s increase of 8.02%.

For the first two months, a total of 3,851,500 vehicles have been sold nationwide with a year-on-year (YoY) decline of 14.94%. Of that, PV sales slid 17.51% over the previous year.

According to the CAAM's data, China's vehicle outputs in February shrank 17.37% from the year-ago period and the year-to-date (YTD) outputs fell 14.08%, quite close to the sales drop. 

Last month, major segments of PV all posted YoY and MoM decline in outputs and sales. Both car and SUV sales exceeded 500,000 units, dropping 14.4% and 18.6% over a year ago respectively. The MPV segment encountered the biggest YoY decrease of 27.23%.

For the first two months, the car and SUV segments suffered YoY decrease of 14.68% and 18.64% respectively, which were in correspondence with the change reflected on Feb. sales.