Chinese Car Market May Be Shrinking More Than 10 Percent Due To The 2019-nCoV Coronavirus

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The world’s largest car market, the Chinese car market, may shrink more than 10 percent in the first half of this year due to the 2019-nCoV coronavirus, says the vice president of the Chinese Automakers Association (CAA).

The China Passenger Car Association (PCA) expects car sales to drop 5 percent over 2020 as a whole, assuming that the coronavirus will have passed its peak in April. The PCA  predicts a decrease of 30 percent in February. A 5 percent decline is predicted for the year as a whole, provided the epidemic is brought under control by April at the latest.

The predicted decline is greater than previously expected. Sales of electric vehicles are hit hardest, according to the China Association of Automobile Manufacturers (CAAM). Sales of these vehicles fell 54 percent in January. China scaled back its subsidies for EVs in July 2019.

Tesla is the only brand to have achieved an increase in registrations in China despite the circumstances. The Chinese automotive industry has asked the government for more support. Among other things, car manufacturers want tax adjustments and lower interest rates.

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