China’s January Auto Sales Plunge 45%

What’s new: China’s auto market started 2023 with a sales plunge of nearly 45% as the end of government subsidies and the week-long Lunar New Year holiday dragged on sales.

From Jan. 1 to 27, retail auto sales totaled 985,000 units, down 45% from a year ago and 43% less than a month earlier, according to the China Passenger Car Association (CPCA). Sales to dealers slumped 50% year-on-year to 891,000 vehicles during the period.