Passenger car retail sales in China are down 92% year-on-year in the first two weeks of February due to the coronavirus outbreak, data from the China Passenger Car Association (CPCA) show.
Moreover, in the first week of the month, the drop reached 96%. During this period, sales averaged 811 vehicles per day.
CPCA head Cui Dongshu explained the drop in demand by the fact that in the first week of February, "many people stayed at home ". Dealers began to resume operations in the second week of the month, when sales averaged 4098 vehicles per day, down 89% from a year earlier, he noted.
The fall in sales in China this year was expected even before the outbreak of the coronavirus due to a slowdown in economic growth and trade tensions. The decline in sales has been observed over the past two years.
The Chinese Ministry of Commerce said last week that it will work with other departments to work out new measures to revive auto sales and mitigate the impact of the coronavirus on the industry.
“China has already developed a vaccine that shows immunity. But this is preliminary, further checks and revisions are needed, "the Chinese diplomat told reporters.
More than 77 thousand people have already been infected with the new virus. The World Health Organization said that the first vaccine against the Chinese coronavirus could appear in a year and a half. China did not plan to begin clinical trials of its vaccine until April.
