Coronavirus: Chinese car sales plunge 80% YoY in February, South Korean cases rise to 5,621

China has reported that sales of vehicles plummeted by 80% YoY in February. Toyota stated a 70.2% plunge in its sales in China. While automobile purchases may pick up, later on, the fall is dramatic. 

In a separate development, South Korea confirmed 293 additional coronavirus cases, with the total reaching 5,621. The North Asian nation is one of the world's hotspots, which include China, Italy, Iran and recently Brazil.

The US Federal Reserve announced an emergency interest rate cut of 50 basis points on Tuesday to mitigate the fallout from the health crisis.