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MOC to Discuss with BYD COMPANY/ DONGFENG GROUP About Lifting Sales of 'Zero-Mileage' Used Cars: Report
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China's Ministry of Commerce (MOC) will hold a meeting this afternoon (27th) with industry organizations and carmakers, including BYD COMPANY (01211.HK), DONGFENG GROUP (00489.HK), the China Association of Automobile Manufacturers, the China Automobile Dealers Association, as well as several used car trading platforms, to discuss boosting sales of "zero-mileage" used cars, Reuters reported, citing sources. Wei Jian Jun, CEO of GWMOTOR (02333.HK), recently revealed the occurrence of "zero-mileage" used cars in China, which he believed to be a result of years of fierce market competition, with manufacturers and dealers accumulating large inventories because of factors like failed market forecasts and overcapacity. In order to ease inventory pressure and recoup funds, dealers have been registering new cars that have sat in stock for extended periods as used cars and selling them as "zero-mileage" used cars. This approach allows them to quickly clear inventory and avoid the depreciation that comes with long-term storage of new vehicles to some extent. AAStocks Financial News |
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