Car sales in China fell for the eighth month in a row as coronavirus resurgence in some Chinese cities hit car production.
Retail passenger car sales in January fell 4.4 percent year-on-year to 2.09 million vehicles, according to the China Passenger Car Association.
The Union expects the world’s largest car market to remain sluggish in February, as the economic slowdown, tighter real estate controls and sporadic coronavirus outbreaks could continue to weaken consumer demand.
Toyota Motor said sales in China last month fell 21.5% from a year earlier, while sales of Volkswagen’s two joint ventures in China fell 19.9% ​​and 17.9% in January.
Toyota and Volkswagen closed their plants in the northern Chinese city of Tianjin for more than a week last month as the city announced dozens of new cases.
Sales of Nissan Motor fell 8.7% and Honda Motor 6.9%.
In January, sales of electric and hybrid vehicles more than doubled compared to the previous year to 347,000 vehicles.
Tesla Inc. sold 58,845 vehicles manufactured at the Shanghai plant, 67.8% of which were exported from China.
Electric vehicle manufacturers are facing increasing pressure due to rising prices for lithium and other metals, coupled with declining government subsidies for new energy car purchases.
Source: Capital
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