Huge prevalent sparks in car sales in China because of coronavirus. Already in the first 16 days of February the car market in China almost froze, falling 92%. This suggests that February will be a nightmaring month for the car industry.
According to the China Passenger Car Association (CPCA) most car dealerships were closed. Also few customers visited them after the coronavirus epidemic prevents the Chinese from visiting a car dealership.
According to recent estimates, sales of new cars in China will be down by 10% in the first half of the year, and 5% reduced throughout 2020, compared to 2019.
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China’s trade ministry is expected to react immediately to curb the large drop in sales. However, the car industries in China, such as Geely, are also reacting directly, offering a car purchase service from the Internet.
So far the China coronavirus has already affected more than 77,000 people in the world and Italy is the first European country to record fatal cases.