April gross sales at Nice Wall Motor, China’s high homegrown SUV maker, plunged by 41% from a yr earlier in April as Covid-related lockdowns in key mainland cities shook up the world’s largest vehicle market.
Nice Wall’s general automobile gross sales solely reached 53,777 items in contrast with 91,784 a yr earlier, the corporate stated in a submitting on Monday. A 47% drop in shipments of its flagship Havel fashions led the decline. (See particulars right here.)
Nice Wall’s Hong Kong-traded shares have misplaced greater than 73% of their worth since Nov. 22. Chairman Wei Jianjun remains to be value $11 billion on the Forbes Actual-Time Billionaires checklist as we speak. The Hong Kong Inventory Trade was closed on Monday for Buddha’s Birthday.
China’s “zero-Covid” coverage response to the unfold of the Omicron variant within the nation this yr will “precise a really excessive price on the economic system,” Kenneth Jarrett, a Shanghai-based senior advisor to the Albright Stonebridge Group and former U.S. diplomat stated in an interview yesterday. “If ‘zero Covid’ stays the coverage, lockdowns can occur throughout China for the remainder of the yr. Given the complexity and measurement of provide chains in China, this might imply extra disruptions within the months forward, which might ripple by means of and disrupt international provide chains.” (See full interview right here.)
EV makers NIO, XPeng and Li Auto and all reported gross sales declines in April from March. (See associated publish right here.)
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