[Auto] Estimated 14% drop in global car sales due to the Covid-19 pandemic

[Mindsphere.]

 

 

 

The financial rating agency Moody’s Investor Service revised its estimates for global car sales in 2020 on Friday, the most affected being the Western European market.

Moody's currently expects global car sales to fall by 14% in 2020, a much worse decline than previous estimates, which date back to February, and relied on a 2.5% contraction.

The rating agency pointed out that the Western European car market is currently expected to experience the worst contraction in demand this year, a decline of 21%, much worse than the 4% decline expected in February.

Also in the case of China, the world's largest car market, car sales would fall by 10%, a more severe decline than previous estimates of a 2.9% decline.

For the US, Moody’s expects car sales to fall by at least 15% in 2020, given that it previously bet on a 1.2% decline. On Thursday, the number of people infected with coronavirus in the United States exceeded 82,000, exceeding the number of people infected in China and Italy.

 

Statistics released earlier this month show that car sales in China fell by 79.1% in February, the biggest decline in a single month as the health crisis hit demand. cars.

The coronavirus pandemic, which has killed more than 22,000 people worldwide, has forced the closure of car assembly plants around the world as entire cities have been quarantined to stop the spread of the virus.