Feb passenger car sales may drop below 1m

The total retail sales of passenger cars in China last month is estimated at 880,600, a 2 percent drop over February 2012, Chinese Security Journal reported citing China Passenger Car Association.

According to CPCA, both wholesale and retail sales of passenger cars in February are likely to drop by 40 percent than the previous month. An estimated 891,700 units for wholesale, and 880,600 for retail were sold in February this year.

The total wholesale sales of passenger cars in February could drop by 12 percent compared with February 2012.

The passenger cars wholesale volume in January reached 1.48 million units, 52.7 percent more than that in January 2012. Retail sales totaled 1.46 million, an increase of 49.4 percent.