“Retail” sales of passenger cars in China in January plunged nearly 38% from the same month last year to 1.3 million vehicles. This is shown by the data of the China Automobile Association, cited by Interfax.
The significant drop in sales is mainly explained by the arrival of the Lunar New Year on January 21, due to the celebration of which the number of working days decreased in this month compared to January 2022. Traditionally, the so-called Chinese New Year is celebrated for several days, which is accompanied by large trips in the country to meet relatives.
At the same time, the country’s car production in January fell on an annual basis by almost 34%, to 1.35 million passenger cars.
Specifically, sales of vehicles powered by new energy sources (NEVs), mostly electric cars, fell by a more moderate 6.3% in January to 332,000 units.
Tesla’s factory in Shanghai last month produced nearly 67,000 electric vehicles, including 39,000 for export.
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