Beijing Daily recently reported that the China Passenger Car Association (CPCA) just released data showing that, in the first half of February, Chinese passenger car sales saw a landslide decline. Year-over-year domestic sales recorded a 92 percent decline, which is the sharpest drop in history. Apparently, the spreading coronavirus is having an impact on the economy. Most of the car dealerships across China are still not open for business. Some have initiated online sales but have not received much business. China’s Ministry of Commerce commented that the central government is coming up with a plan to encourage consumers to spend on cars. Some local governments have already announced new government subsidies for new purchases of both commercial and passenger automobiles. According to the CPCA, in January, the Chinese automobile market already saw a year-over-year decline of 21.5 percent.
Source: Beijing Daily, February 21, 2020