Cui Dongshu, secretary general of the China Passenger Car Association (CPCA), stated that China’s passenger vehicle retail sales amounted 1.29 million units in January this year, down 38 percent year on year, while down 40 percent month on month, which was the lowest level in a month of January since 2000. Though the sales data was not good, it was in line with expectations.
As of the end of January, the inventories of vehicles held by vehicle producers and automotive dealers declined to 3.33 million units, a reasonable level after cautious production in January, and estimated to support 64 days of retail sales after the Chinese New Year holiday.