The world's largest auto market had a cold start to 2020 as car sales in China dropped by 18 percent in January compared to the same period of 2019.

The already chilling market is looking at a further slide due to the COVID-19 outbreak. But Bosch, one of the world's largest automotive suppliers, is bullish on the Chinese economy and auto market, according to Chen Yudong, president of Bosch China.

"We have confidence in the future of the Chinese economy and the automotive industry," Chen said, adding that the company has donated eight million yuan (about 1.1 million U.S. dollars) to the country's battle against COVID-19.

Chen believes the impact of the novel coronavirus outbreak is temporary and the Chinese market will fully recover and "continue its prosperity."

Auto manufacturers in China are gradually reopening their production lines. The China Association of Automobile Manufacturers reported that 75 percent of the production had been resumed as of February 18.

Bosch resumed production from February 10, Chen said, detailing that except one site in Wuhan, other manufacturing sites across the country have started operations.

Meanwhile, he reveals that Bosch will continue to invest in the Chinese market, especially in research and development, as well as in human resources.

"We have confidence that our Chinese market will fully recover," Chen stressed.