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Car sales in China dropped by almost 18%

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Car sales in China dropped by almost 18%
February 17
09:00 2020

The Chinese Manufacturers’ Association has reported that car sales in the country have fallen by almost 20%. Now the number of cars sold to dealers is 1.94 million.

Sales of cars operating on alternative energy sources have decreased by more than half (minus 44 thousand cars).

Manufacturers note that the drop in sales was due to the fact that the holidays in China were celebrated in the second half of January. Also, they were extended due to the epidemic. In 2019, holidays were in February.

The Association makes forecasts regarding the drop in demand. The manufacturers believe that in the first quarter of this year, the decline will continue because of coronavirus. They believe that the current epidemic will have greater consequences for the industry than pneumonia in 2002-2003. According to company analysts, the decrease in car demand will be short-term and very soon sales will recover.

Reduced car sales were recorded last year. On results of 2019, the number of cars sold to dealerships has decreased by more than 8% (25.77 million cars).

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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