Chinese automaker Dongfeng Motor reported its sales increased in the April-June quarter after the country emerged from lockdown measures aimed to contain the spread of COVID-19. Dongfeng and other automobile manufacturers in Hubei restarted production in April after going into hiatus from January due to the health crisis. Hubei was the epicentre of the coronavirus outbreak in China.
Dongfeng’s sales in the second quarter increased by 11.8% year-on-year to 935,000 units. However, its total sales dropped by 17.2% year-on-year to 1.4 million units in the first half of 2020 due to the COVID-19 impact. The company will likely cut its annual sales guidance of 3.75 million units as it realized only around 37.3% of the target in January-June.
Major automakers in China have lowered their sales guidance for this year due to the health crisis. This is expected to put pressure on demand for auto parts and their metal and plastic feedstocks.
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Published on August 6, 2020 2:41 PM (GMT+8)Last Updated on August 6, 2020 2:41 PM (GMT+8)
