With a growing consumer panic that further cities would impose caps on new car registrations, passenger-car sales were up last month by a healthy 7.9 % margin.
The state-backed China Association of Automobile Manufacturers announced today that wholesales of cars, multipurpose and sport utility vehicles reached 1.71 million units – a number right around the median estimate of 1.7 million made by analysts surveyed by Bloomberg.
“Since last year, there’s been fears of ownership restrictions,” said Xu Minfeng, Shanghai-based analyst at Central China Securities Holdings. “After Tianjin began restrictions, Hangzhou followed recently. So it’s a factor driving up sales.”
The association also estimated that because of the several cities (with two of them already moved on and imposed them – Hangzhou and Tianjin) that could impose registration restrictions, panic boosted sales could amount to as much as 500,000 cars this year alone.
On April 8, the Passenger Car Association, a separate organization announced retail (that means true consumer purchases) sales went up by even more – 9%, to 1.59 million vehicles.
The state-backed association also released today the full sales of vehicles, which include buses and trucks, with a tally of 2.17 million units thanks to a 6.6 % growth.