Coronavirus epidemic sharply slams January car sales in China

Car sales in China fell in January 2020 due to a coronavirus outbreak in the country, Xinhua news agency reported on February 13. In total, 1.94 million cars were sold in China in January, which is 18% lower than a year earlier, the Chinese Association of Motor Manufacturers (CAAM) reported. At the same time, the production of cars reached 1.78 million units, which is 24.6% lower than in the same period a year earlier. Sales and production of passenger cars fell by 20.2% and 27.6%, respectively, year-on-year. Electric vehicle sales sat on the 54.4%, while their production collapsed on the 55.4%. CAAM predicts a significant drop in car production and sales for the first quarter of 2020 due to the epidemic of the new coronavirus. At the same time, recovery of indicators will be possible only after the end of the epidemic.