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In China, car sales decreased by 92%

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In China, car sales decreased by 92%
February 24
09:00 2020

Disappointing statistics has come from the Celestial Empire The fact is that for the first half of February, retail sales of passenger cars in China have fallen 92% (in annual terms). This information was made public by the China Passenger Car Association (CPCA). The reason is obvious – the epidemic of coronavirus.

In the first week of February, they sold 811 cars every day; this means that at the beginning of the month the drop totaled 96%.

After February 7, the work of car dealers gradually improved. Sales began to recover and reached a figure of 4098 cars per day. However, it is 89% lower than last year.

In addition to the spread of the coronavirus epidemic, trade tensions and decrease of the global economic growth have affected the fall in demand.

Official Beijing is going to support dealers with the development of special measures to restore the target level of passenger car sales.

 

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

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