Just as the overall Chinese economy in the first full quarter after the end of “zero-COVID”, the automotive sector also exhibits a mixed picture in terms of post-pandemic recovery. The total retail sales of Passenger Vehicles in Q1 2023 recorded a sharp decrease compared to the same period in 2022. However, premium car sales have consistently outperformed the overall sector with high growth. This sharp segregation of consumption demands is likely to remain in place in the foreseeable future.
