We first reported a couple of weeks back on the destructive effect the coronavirus is having on the retail automotive sector in China. Now we have the full figures for the month of February, and they’re not pretty.
New car sales in China – by the way the world's largest automobile market - fell by 80% last month due to the coronavirus outbreak, the China Passenger Car Association (CPCA), one of the country's industry associations, said last week.
Shining light on this state of affairs is not meant to increase the level of collective panic gripping some circles in regards to the coronavirus, but simply to demonstrate how important the economic consequences of this epidemic are.
"Dealers returned to work gradually in the first three weeks of February and their showroom traffic is very low," the association said, adding that it expects February's drop in sales to be the biggest this year.