Car market slumped in April

Car sales have slumped in the People’s Republic in light of extensive Covid restrictions. In April, 35.7 percent fewer cars were sold than in the same period last year, according to data released on Tuesday by the China Passenger Car Association (PCA). This is the biggest decline since March 2020. According to analysts estimates from the Japanese financial holding Nomura, 45 cities in the People’s Republic were affected by lockdowns in mid-April, which corresponds to over 40 percent of China’s economic output. rtr/nib