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Passenger car sales in China plunge by 80% in February

Earlier this month the CPCA had reported that in the first 16 days of February only 4,909 units were sold, down from 59,930 in the same period a year before

Retail sales of passenger car in China, the world’s biggest auto market, fell by 80 per cent last month due to the coronavirus epidemic, China Passenger Car Association (CPCA) has stated.

Although the CPCA reported on the scale of the drop it did not disclose a full sales figure for the month.

However, earlier this month it had reported that in the first 16 days of February only 4,909 units were sold, down from 59,930 in the same period a year before.

“Dealers returned to work gradually in the first three weeks of February and their showroom traffic is very low,” CPCA said.

It expects February’s sales drop will be the steepest of this year.

Japanese automaker Toyota said it sold 23,800 Toyota and premium Lexus cars last month, a 70 per cent decrease from a year earlier.

Toyota rival General Motors, China’s second biggest foreign automaker, said the industry will face “serious challenges” in the first quarter this year, but anticipates the situation will ease in the second quarter.

GM hopes China’s auto sales will report year-on-year growth in the second half of this year.

In 2019 overall vehicle production totalled 25.721 million units, reflecting a 7.5 per cent year on year decline, while sales totalled 25.769 million units, reflecting an 8.2 per cent year on year decline.

In the same year, passenger car production reached 21.360 million units, reflecting a decrease of 9.2 per cent compared to 2018. Sales of passenger vehicles totalled 21.444 million units, a 9.6 per cent year on year decline.

FURTHER READING: New car sales fall 7 per cent in Europe

FURTHER READING: Chinese auto sector prepares for 2020 decline

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