SHANGHAI, Feb 25 (SMM) – China’s passenger car sales are likely to extend their decline this year, due to the outbreak of the novel coronavirus (COVID-19) epidemic.
The China Passenger Car Association (CPCA) said it may slash its China PV sales forecasts for 2020 by more than 1 million units, leading to a decline of 5% from 2019, compared to a moderate increase of 1% estimated in November 2019.
Retail sales of sedans, multi-purpose vehicles (MPVs) and sport utility vehicles (SUVs) in China dropped 7.4% year on year to 20.7 million units in 2019, after a decline of 3% in 2018, showed data from the CPCA. In the first two weeks of February, PV sales in China plunged 92% year on year.
China’s car market kicked off 2020 on a weak note, but is likely to pick up later in the year as the potential for private car demand growth is solid, according to the CPCA.
