Carmakers, luxury-goods purveyors, electronics manufacturers and e-commerce businesses lament slowing demand
Workers in protective suits move equipment for a makeshift nucleic acid testing site to the next residential area after wrapping up the screening at a compound, amid the coronavirus disease outbreak in Shanghai, China, on May 14 2022. Picture: CNSPHOTOO via REUTERS
“The current China lockdowns ... has implications to both supply and demand,” said Colette Kress, CFO at US chipmaker Nvidia, which forecast on Thursday a $400m hit to gaming sales from China’s stringent coronavirus restrictions. Retail sales in April shrank 11.1% year on year, after falling 3.5% in March. UBS and JPMorgan lowered their full-year GDP growth forecasts for China to 3% and 3.7% respectively earlier this week.
“In April, the order cancellation rate was significantly higher than last year due to logistical disruptions. There was an improvement in May, but it was still higher than a year earlier,” JD.com CEO Xu Lei said.Vehicle sales in China have faltered after years of blistering growth, and global carmakers especially have taken a hard knock.
The industry body said a drop in income related to Covid-19 was depressing sales, even in parts of China that are not locked down.
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