Sales of passenger vehicles in China saw a precipitous decline in February as efforts to contain the spread of the novel coronavirus continue to undermine economic activity.
Figures from the China Passenger Car Association (中国乘联会) (CPCA) indicate that retail sales of passenger vehicles for the period from 1 – 16 February saw a 92% YoY plunge to set a record-breaking decline.
According to CPCA data nationwide passenger vehicle sales totalled just 811 per day on average during the period from 1 – 9 February, for a decline of 96% compared to sales of 22,965 units per day during the same period last year.
Average daily sales were 4096 units for the period from 10 – 16 February, for a drop of 89% compared to the figure of 36,965 units for the same period last year.
For the period from 1 – 16 February average daily passenger vehicle sales were 2,249 units, for a decline of 92% compared to the figure of 29,090 units for the same period in 2019.
Chinese Automobile Sales Post Negative Growth for First Time in 28 Years
Beijing’s New Consumption Policy Targets Automobiles, Smart Appliances, 5G Commercial Applications