While every effort has been made in China to paint a picture of a recovering 'back to normal' economy with production rebounding dramatically, it appears, as we noted earlier, that the demand side of the equation is not keeping pace with supply.
Case in point, China's passenger car sales broke the v-shaped recovery narrative in June, slumping back 6.5%, despite soaring auto production data.
So what happened to all those cars?
We have the answer...
Wuhan, the epicenter of the CCP virus, is one of the major automaking towns in China. Dongfeng Motor Group, China’s third-biggest state-owned automaker, is headquartered in the city.
On June 30, a woman was shocked to see thousands and thousands of unsold new cars sitting idle on Dongfeng Motor land.
She shot the video from an overpass above Dongfeng’s car lots...
So now we know, the old mantra of "if we build it, they will come" is thoroughly debunked in the case of China's COVID comeback.