Moreover, China’s 2020 Beijing motor show has been cancelled because of the outbreak. The market situation has become grave in China.
Many car manufacturers outside of China are also taking a massive hit because of Coronavirus. All of Europe’s joint-venture operations in China have admitted to expect huge hits in the country, among these was the rampant market leader, Volkswagen.
Moreover, Tesla has a major problem now in China. Their timing could not be worse. They just opened their new factory near Shanghai and desperately need Chinese cash flow to pay for it.