In January, production and sales of automotive vehicles in China are estimated to total 1.783 million units and 1.941 million units, respectively, down 24.6 percent and 18 percent year on year, while declining by 33.5 percent and 27 percent month on month, while the declines in production and sales were mainly due to the Chinese New Year holiday, according to the China Association of Automobile Manufacturers (CAAM).
In January, the passenger vehicle output and sales in China are estimated at 1.444 million units and 1.614 million units, down 27.6 percent and 20.2 percent year on year, while falling by 33.9 percent and 27.1 percent month on month.
In the given month, commercial vehicles output and sales are estimated at 341,000 units and 326,000 units, down 7.8 percent and 5.7 percent year on year, while decreasing by 31.4 percent and 26.7 percent month on month, respectively.
The performance in the new energy vehicles segment showed even worse results. In January, the production and sales of new energy vehicles came to 40,000 units and 44,000 units, down 55.4 percent and 54.4 percent respectively year on year.
According to CAAM, the outbreak of the coronavirus will negatively affect the performance of the automobile industry in the first quarter due to the postponement of demand, production halts and the disruption of transportation, while downstream consumers will be more willing to conclude purchases for vehicles when the coronavirus is brought under control.