China¡¯s automobile sales in February witnessed steep decline to 310,000 units: CAAM data shows

On Thursday, March 12, the China Association of Automobile Manufacturers (CAAM) showed the automobile sales in China declined 83.9 per cent month-on-month to 310,000 units in February. Over the year, the sales stood lower by 79.1 per cent, according to the data.

In January, China’s automobile sales stood at 1.93 million units after declining by 27.44 per cent from 2.66 million units in December. Year-on-year, the sales dropped 18.7 per cent, showed CAAM.

Of 310,000 units sold in February, passenger vehicles accounted for 224,000 units, down 86.1 per cent month-on-month and 81.7 per cent year-on-year.

In the first two months, China’s automobile sales totalled at 2.24 million units, down 42 per cent from the same period last year, according to the association data.

Data from CAAM also revealed that China’s new energy vehicles (NEVs) sales in February inched down by 75.2 per cent to come in at 12,908 units. This brought the total sales of two months to 59,705 units, down 59.5 per cent year-on-year.

Dismal data suggested that China’s car market had a bad hit in February due to the epidemic Coronavirus. Car sales data from early March from another auto industry body, however, indicated that the market could recover and offer some relief.

The China Passenger Car Association (CPCA) on Wednesday reported a 51 per cent year-on-year decline in daily average retail sales of passenger vehicles in China in the first week of March, in contrast to a decline of 63 per cent in the last week of February.

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