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Chinese automaker Changan sees auto sales jump 32% YoY in April

Monika From Gasgoo| May 07 , 2020 10:54 BJT

Shanghai (Gasgoo)- Chongqing Changan Automobile Co., Ltd. (Changan) achieved a double-digit year-on-year growth in April sales, following three consecutive months of downturn.

Changan Automobile April sales, Changan Ford April sales, China automotive news

The automaker said its new vehicle sales in April jumped 32.03% from a year ago to 159,557 units. The sales volume of Changan's self-owned brand reached 119,435 units, leaping 37.5% compared the year-ago period.

In the same month, Changan sold 3,485 new vehicles to overseas markets, a year-over-year growth of 3.1%.

For the first four months, the automaker still posted a decrease of 18.45% from a year earlier as its first-quarter sales slumped due to the coronavirus spread. 

Most of the subsidiaries achieved remarkable increase. Both Changan Ford and Changan Mazda recorded a year-on-year growth of over 35%. Besides, Hefei Changan was still the fastest-growing one.

Changan Automobile April sales, Changan Ford April sales, China automotive news

(CS75 PLUS, photo source: Changan Automobile)

Changan stated there were four models whose April sales volume exceeded 10,000 units, namely, the CS75 series (20,113 units, +161.6%), the Eado (12,192 units, +87.1%), the CS35 series (10,330 units, +25.3%) and Oshan X7 (10,078 units).

For the first quarter of 2020, the company lifted itself out of the year-ago money-losing status, seeing its net profit attributable to shareholders surge 130.1% to RMB631.078 million.

However, excluding non-recurring gains and losses, Changan still suffered a net loss of RMB1.793 billion, versus the year-ago loss of RMB2.161 billion. The substantial variance may be partly due to the government subsidies of RMB57.408 million recorded into current gain/loss account.

During the same period, its revenue slid 27.76% year on year to RMB11.564 billion. The cash flow from operating activities stood at RMB4.155 billion, jumping 27.51% as a result of the significant decrease in cash paid for purchasing goods and receiving services.

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