CITIC reported that car sales reached 1.181 million in April 2022, down 47.1% from the previous month and 47.6% from the same period last year. Of these, passenger vehicle sales reached 965000, down 48.2 percent from the previous month and 43.4 percent from the same period last year; commercial vehicle sales reached 216000, down 41.6 percent from the previous month and 60.7 percent from the same period last year; and sales of new energy vehicles reached 299000, up 112.2 percent from the same period last year.

The bank believes that the domestic epidemic situation is still grim in April, resulting in a continued downturn in the car market and lower-than-expected sales, but with the improvement of the epidemic in Shanghai, Jilin and other places, the worst phase of the automobile industry is over. At present, the production side, OEM (original equipment manufacturer) and supply chain resume production, logistics is gradually improving; demand side car companies have plenty of orders on hand, the bank is optimistic about the month-on-month improvement of car sales in May and June.

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