In January new car sales in China fell at an annual rate of 18%, to 1.94 million units, according to China Association of automobile manufacturers (China Association of Automobile Manufacturers, CAAM).
Selling cars on new sources of energy (NEV), fell by 54.4 per cent to 44 000 units.
CAAM explains the sharp drop in sales of new year holidays in the second half of January, while in 2019 they fell in February.
Association expects the downward trend in sales will continue in the first quarter of this year, the outbreak of the coronavirus in China. The survey of 300 manufacturers, the new epidemic will have serious consequences for the economy than an outbreak of SARS in 2002-2003. However, the interviewees believe that the decline in consumer demand will be short-term.
In 2019, new car sales in China declined for the second year in a row. According to CAAM, vehicle sales dealerships in the past year decreased by 8,2% to 25,769 million units.
