China's Car Sales More Than Quadrupled in February -- Update
March 08 2021 - 10:19PM
Dow Jones News
By Yoko Kubota
BEIJING -- China's car sales surged in February from a year
earlier when the country was at the height of the coronavirus
pandemic and consumers were locked down in their homes.
Retail sales of passenger cars last month more than quadrupled
to 1.18 million vehicles compared with the year before, the China
Passenger Car Association said Tuesday. The jump reflects the low
sales during the same period last year. Sales plummeted 79% in
February 2020 as many cities were locked down and factories and
dealerships were shut.
In February, 97,000 electric cars were sold, CPCA said. That is
a more-than-sevenfold increase from a year earlier, but represents
a 38% decline on month. Tesla Inc. sold 18,318 Shanghai-made Model
3s and Model Ys last month, the group's data showed.
Since last year, China has been offering various subsidies and
incentives to help boost car sales and mitigate the fallout from
the Covid-19 pandemic. In recent months, Chinese regulators have
announced more measures, including further relaxing
vehicle-purchase restrictions and building more charging facilities
for electric cars.
Raffaele Huang contributed to this article.
Write to Yoko Kubota at yoko.kubota@wsj.com
(END) Dow Jones Newswires
March 08, 2021 22:04 ET (03:04 GMT)
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