New vehicle sales in China fell 48 percent to 1.18 million in April, a 10-year low for the month, as the coronavirus outbreak negatively impacted production and shipments, the China Association of Automobile Manufacturers said Wednesday.
SAIC Motor Corp., seeking to ease investor fears about the negative impact on its operations from the latest wave of coronavirus outbreaks, plans to spend 1.6 billion yuan ($240 million) to 3.2 billion yuan to buy back shares on the Shanghai stock exchange.
Audi, the luxury brand of Volkswagen Group, continued to lag behind its two German archrivals, BMW and Mercedes Benz, in first-quarter sales. All three German luxury brands posted lower sales in the first three months, with output and demand undermined by the resurging coronavirus outbreak and supply-chain bottlenecks.
Wholesale and retail sales of new vehicles contracted sharply in the first two weeks of April with production, shipping and deliveries severely disrupted by spiking coronavirus cases and other supply-chain bottlenecks, according to the China Automobile Dealers Association.
CATL, China’s largest battery producer for electric vehicles, has become the first EV battery maker to provide domestic battery swap services. The first batch of four battery swap stations went into operation in the east China port city of Xiamen this week, CATL said.