BMW China Sales Jump 14% in April as Europe, U.S. Decline
May 14 2020 - 5:07AM
Dow Jones News
By William Boston
BERLIN--As global auto markets reel from the economic fallout of
the coronavirus pandemic, German luxury car maker BMW AG said
Thursday that the recovery of demand in China provided some cause
for hope, while Europe and the U.S. are still in decline.
"There is at least a glimmer of hope coming from China," BMW CEO
Oliver Zipse told shareholders during a virtual annual general
meeting on Thursday.
BMW sales plunged 88% in China in February, as the country
locked down to stop the spread of the coronavirus. But as the
economy began opening in March, and auto makers opened their
dealerships, customers have begun buying new cars again.
"In April, we already delivered nearly 14% more vehicles to
customers than in April 2019. We know from our Chinese customers
that consumption there will quickly bounce back, thanks to pent-up
demand," Mr. Zipse said.
In the broader Chinese market, passenger-car sales were still
down 1.5% in April compared to a year earlier, after falling around
80% in February, according to China's automotive manufacturers'
association.
Mr. Zipse said the rebound in China was "only of limited use as
a blueprint for other markets" such as Europe and the U.S., where
car ownership is more widespread than in China, limiting
demand.
"Demand for cars in countries like Spain, Italy and the U.K.
will probably be very slow to recover," he said. "The same applies
to the U.S."
Write to William Boston at William.Boston@wsj.com
(END) Dow Jones Newswires
May 14, 2020 05:52 ET (09:52 GMT)
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