Tuesday, July 14, 2020
Martin Hennecke

Auto sales plummet 22pc over epidemic
Car sales in China fell to 22 percent to 1.71 million units, the biggest-ever drop for the month of January, as the coronavirus epidemic kept buyers away, intensifying the gloom hanging over the industry. The China Passenger Car Association predicted a worsening outlook, saying sales for February may drop more than 30 percent. Geely Automobile (0175) announced its January vehicle sales slumped by 29 percent from a year ago to 111,838 units, making up 8 percent of its full-year sales targets. Its export volume plummeted around 68 percent to 2,265 units in January, while sales in mainland China fell 28 percent to 109,573 units. And Guangzhou Automobile (2238) also said its car sales fell 15.94 percent year-on-year to 176,271 units last month, while production volume fell 24.31 percent to 138,004 units.
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