The first month of the year was a short sales month due to the Chinese New Year festive season, partly the reason for the 35% drop in the Total Industry Volume (TIV) of new vehicles delivered. However, it was not an unexpected drop after the exceptional high of December which recorded the highest sales volume in 2022.
February is also a short month, some years made shorter by festive holidays, so it is also not a month when high numbers are expected. Nevertheless, February saw a jump of 27% from the January TIV to close at 62,649 units.(more…)