Passenger car sales in China collapsed 38% y/y in January | Forexlive

Info from the China Passenger Car Association (CPCA) comes via Reuters.

China’s passenger car sales slumped 38% in January

reversing a 2.4% gain in the previous month

demand weakened after a tax cut on combustion engine cars and subsidies on electric vehicles (EV) expired

Lunar New Year was also cited, a full week of the Lunar New Year holiday in the month, making it a quieter January compared with the previous years.