Xinhua recently reported that, according to the data that the China Association of Automobile Manufacturers (CAAM) just released, January Chinese national automobile manufacturing volume declined 33.5 percent, month-over-month, and 24.6 percent, year-over-year. The sales volume declined 27 percent, month-over-month and 18 percent, year-over-year. Passenger car sales declined 27.1 percent month-over-month and 20.2 percent, year-over-year. New energy source automobile sales declined 54.4 percent year-over-year. According to CAAM officials, the coronavirus impact started later in January, so the numbers do not yet reflect the pandemic. February numbers are expected to be much worse, as they will start to show the impact of the virus on market activities, manufacturing capacity, export limitations, financial bottlenecks and tougher government regulations. In the near term, the Chinese automobile market may have further significant landslides.
Source: Xinhua, February 13, 2020