China passenger car retail sales in February likely record biggest decline in 2 decades: CPCA

Published: Mar 5, 2020 11:30

Save

China’s passenger car retail sales could plunge 80% on a yearly basis in February, the biggest decline in over two decades, according to a preliminary estimate by the China Passenger Car Association..

SHANGHAI, Mar 5 (SMM) – China’s passenger car retail sales could plunge 80% on a yearly basis in February, the biggest decline in over two decades, according to a preliminary estimate by the China Passenger Car Association (CPCA) on March 4.

Retail sales of automobiles in the first two months of 2020 are expected to fall 41% from a year earlier, due to the impact of the novel coronavirus (COVID-19) epidemic and an early Chinese New Year holiday, said CPCA.

The estimated year-on-year decline in January-February was also the steepest in 20 years.

According to CPCA data, daily retail sales of passenger vehicles in China averaged 16,000 units in the fourth week of February (February 24-29), down 63% from the same period last year.

Daily average passenger car retail sales in the first, second and third weeks of February stood at 811 units, 4,100 units and 5,411 units, respectively, down 96%, 89% and 83% year on year.

Market Commentary Car

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

14 hours ago

Citi Cautions on Commodity Risks Amid Copper Surge, Unusual Crude Oil and Gold Movements

【SMM News Flash】Citi Warns of Rising Risks in Commodity Markets - Despite Analysts' View of Weak Fundamentals in Copper Market, Copper Prices Surged Significantly This Week, While Crude Oil and Gold Markets Also Experienced Unusual Movements Due to Escalating Tensions in the Middle East. Tom Mulqueen, Head of Metals Research at Citi, Stated in a Report First Released on Thursday That, Driven by Capital Inflows Following the Rally in Precious Metals and a Weakening US Dollar, Copper Prices Could Climb to $15,000-16,000/mt in the Coming Weeks.

14 hours ago

PengXin Resources Forecasts 2025 Net Profit Turnaround on Higher Output, Prices

【SMM News Flash】PengXin Resources (600490) announced on January 30 that it expects to achieve a net profit attributable to the owners of the parent company of 210 million yuan to 290 million yuan in 2025, turning a profit on a YoY basis. The main reasons for the expected profit were an increase in the production of mined gold, copper cathode, and sulphuric acid, along with a YoY rise in selling prices during the reporting period; additionally, cobalt hydroxide prices rebounded, with the reversal of impairment losses on cobalt hydroxide and the completion of sales of some products.

14 hours ago

Glencore to Prioritize DRC Copper, Withholds Cobalt Forecast Amid Export Curbs

【SMM News Flash】Glencore, one of the world's largest mining and commodity trading groups, is expected to prioritize the development of its copper production operations in the Democratic Republic of the Congo (DRC) in 2026 and adjust its production plans accordingly. As export restrictions continue to weigh on the country's cobalt exports, this move by Glencore underscores how market control and the global energy transition are reshaping mining strategies in Africa. The company stated that it has issued production guidance for the coming year but has not yet provided a cobalt production forecast due to high uncertainty. Although the company continues to mine cobalt in the DRC, exports remain restricted due to a quota system implemented by the Congolese government to manage supply surplus and stabilize prices.

14 hours ago