The pandemic-triggered contraction in the Chinese new-vehicle market slowed significantly in May, with wholesale volume dropping 13 percent to 1.86 million, following a 48 percent slump in April.
The market recovery was led by sales of new light vehicles, which slid 1.4 percent to 1.62 million last month, after slipping 43 percent in April, the China Association of Automobile Manufacturers said in a statement Friday.
Government efforts to combat coronavirus outbreaks this year, with many parts of the country including Shanghai under stringent lockdown, has upended auto production and sales.
Automakers and government officials are trying various incentives to revive the market.The sales tax on vehicles priced at no more than 300,000 yuan ($45,000) and with 2.0-liter or smaller engines has been cut in half to 5 percent of the sticker price beginning June 1. The temporary tax cut could spur an increase of 2 million extra car and light-vehicle sales this year, according to the China Passenger Car Association.
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