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China Attempts To Revive Car Sales With Cash Incentives

2020-04-16 13:48:29

Cash incentives are the method China has used to revive car sales

How is China doing to increase car sales amid the coronavirus?

 Cash incentives are being the method used by the Asian giant in the face of the drop in car sales, since the drop has been considerable, starting from the fact that they have only managed to sell 3.7 million, representing a drop of 79 percent in February and 43 percent in March, which places them quite on the floor because the average previously was around 6 million sales, suffering a decrease in the first quarter of 2020, all based on the coronavirus pandemic that affected the country in the first place.

Fall in car production in China.

 The Asian giant has managed to contain the virus in its country and resume automobile production, even though consumers are few at the moment, they need it to increase again, it must also be resumed because there are around 40 million people who they are closely related and dependent on this job to live and revive car sales is your only option right now.

The drop recorded by China in car production is unique, they had not recorded such a drastic drop and this undoubtedly causes a headache, is the opinion of the economist Alicia García-Herrero, who states that the country's sales contraction It can be complex, especially since these sales represent a contribution to the industry of around $ 1 trillion per year.

  The estimates are quite complex, since it is possible that they will increase a little thanks to the incentives, but the data assures that by the end of the year they could fall around 10 percent, but it is not only they who are being affected, since Volkswagen and General Motors are also having problems in the same country market, so it becomes a global problem.

  Obviously reviving car sales is a task that China is doing fairly quickly, for which it has opted for cash incentives.

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