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China’s car market crashes: sales collapsed 10 times due to coronavirus

UNITED STATES (OBSERVATORY NEWS) — For a long time, China will digest the consequences of coronavirus, which has hit not only people’s health, but also all sectors of the economy. The auto industry is no exception.

The most huge car market in the world in just 2 weeks of February “cringed” 10 times.

Chinese citizens do not want to leave their homes because of the outbreak of coronavirus, so that trade in the country has actually stopped. And dealerships almost all were closed.

According to Automotive News, citing the China Association of Passenger Cars, car sales fell by 92% in the first 2 weeks of February 2020.

The worst situation for the auto business was in the first week of the current month, when daily sales dropped to 811 passenger cars (-96%). The second week proceeded a little more vigorously – the daily volume increased to 4,098 cars sold (-89%).

The association expects that in the second half of February, the activity of buyers and car dealerships will slightly revive, and the total drop in sales for the month will be approximately -70%.

Experts say that in China even without the outbreak of the virus, sales were on the decline due to some recession in the economy and tense trade relations with the United States.

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