Coronavirus: Sales of Chinese Passenger Car Plunges 80% in February

• Coronavirus: Sales of Chinese Passenger Car Plunges 80% in February

The world’s largest auto market, China, just experienced 80 percent dropped in passenger car retail sales in the month of February, according to the nation’s industry association’s report released on Wednesday.

In a statement published by China Passenger Car Association (CPCA), overall sales dropped by 80 percent in the month. However, the association did not give the details of the month’s sales.

“Dealers returned to work gradually in the first three weeks of February and their showroom traffic is very low,” CPCA said, adding it expects February’s sales drop will be the steepest of this year.

Toyota, a Japanese automaker, said it sold 23,800 Toyota and premium Lexus cars in China in the month of February, representing a 70 percent drop from a year earlier.

The falling sales are expected to continue in the month of March as China, the world’s second-largest economy and most populous nation, struggles with fast-spreading coronavirus that has killed more than 3,000 globally and infected over 80,000 people.

On Tuesday, the U.S federal reserve lowered interest rates by 50 basis points to cushion the economy amid growing uncertainty and the falling stock market. The state of the world’s health sector remains a global concern as the International Monetary Fund (IMF) and World Bank Group needed to stimulate growth and formulate policies just cancelled a physical meeting for digital one as members fear they could be exposed.