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IPFS News Link • Business/ Commerce

With Half of China Locked Up, Car Sales Plunge 92%

• https://moneymaven.io/mishtalk by Mish

When you are locked in your home for weeks, with no income, and people are dying in the streets, guess what happens to retail sales.

Bloomberg reports China Car Sales Tumble 92% in First Half of February on Virus

China car sales plunged 92% during the first two weeks of February in the wake of the coronavirus outbreak, according to the China Passenger Car Association. It was even worse in the first week, with nationwide sales tumbling 96% to a daily average of only 811 units, PCA said in a report released earlier this week. Deliveries this month may slump by about 70%, resulting in a 40% drop in the first two months of 2020, it said. The figures exclude minivans. The situation is expected to improve in the third week of February compared with the start of the month, PCA Secretary General Cui Dongshu said in an interview on Friday.


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