Auto sales in China are expected to fall more than 10% in the first six months of the year as a result of the coronavirus outbreak, Reuters reported Friday, citing China’s top auto industry body. “We predict auto sales will drop more than 10% in the first half of this year, and around 5% for the whole year if the epidemic is effectively contained before April,” Fu Bingfeng, executive vice chairman at China’s Association of Automobile Manufacturers, told Reuters in an interview published Friday. CAAM’s latest forecast reflects a much weaker outlook for auto sales in the world’s largest auto market than it had initially projected. Last month, the industry body said it expected auto sales were likely to dip 2% in 2020.
Read CNBC’s coverage from CNBC’s Asia-Pacific team overnight here: China says six health workers have died, Singapore warns of recession. All times above are in Eastern time.
— Reuters and CNBC’s Michael Wayland, Amanda Macias, Kevin Stankiewicz, Hannah Miller, Vicky McKeever, Sam Meredith, Weizhen Tan, Evelyn Cheng contributed to this report.
Source Article from https://www.cnbc.com/2020/02/14/coronavirus-latest-updates-hong-kong-pledges-3point2-billion-business-in-china-try-to-return-to-work.html
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