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China's Auto Sales Decline Sharply In February

China's auto sales logged a sharp decline in February amid weak consumer demand and factory shutdowns after the outbreak of coronavirus.

Data from the government-backed China Association of Automobile Manufacturers, or CAAM, showed on Thursday, that auto sales plunged 79.1 percent in February from the previous year.

Auto sales totaled 310,000 units in February. On a monthly basis, sales were down 83.9 percent.

The association said the epidemic will have a significant impact on the automotive market in the first half of the year.

In January to February, auto sales declined 42 percent from last year to 2.238 million units.

Data showed that sales of new energy vehicles declined sharply by 75.2 percent in February.

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