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Car sales in China fell 18% in January

UNITED STATES (OBSERVATORY NEWS) — In January, sales of new cars in China fell in annual terms by 18%, to 1.94 million units, according to the China Association of Automobile Manufacturers, CAAM.

Sales of cars on new energy sources (NEV) fell 54.4% to 44,000 units.

CAAM explains the sharp decline in sales on New Year’s holidays in the second half of January, while in 2019 they fell in February.

The Association expects a downward trend in sales in the first quarter of this year due to the outbreak of coronavirus in China. According to a survey of 300 car manufacturers, the new epidemic will have more serious consequences for the country’s economy than the outbreak of SARS in 2002-2003. However, the companies surveyed believe that the drop in consumer demand will be short-term.

In 2019, sales of new cars in China declined for the second year in a row. According to CAAM, vehicle sales to dealerships decreased by 8.2% last year, to 25.769 million units.

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