China Car Sales Slip in February on Lunar New Year Lull

What’s new: China’s car sales fell around 27% in February, as carmakers scaled back production during the eight-day Spring Festival holiday, according to an industry report.

Last month, 1.2 million vehicles were sold in the world’s largest auto market, according to data from the China Association of Automobile Manufacturers (CAAM) published Monday.

The drop was largely due to a sales lull during the Lunar New Year holiday when manufacturers reduced production activity, CAAM said in a report accompanying the data. The holiday fell in January last year.