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#Moody's-Global automakers’ sales forecast cut again as #coronavirus impact deepens

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Friday, 15 May, 2020, 00:10
#Moody's-Global automakers’ sales forecast cut again as #coronavirus impact deepens

Moody's Investors Service has again cut its sales forecast for the global auto manufacturing sector as the severity of the global recession becomes more apparent, according to a new report published today.

The rating agency now expects global auto unit sales to plummet 20% in 2020, widening from its previous projection of a 14% drop, as coronavirus' economic impact worsens.
In the near term, demand will continue to crater in Europe with auto unit sales plunging 30% in 2020, worsening from our previous projection of a 21% fall. US auto unit sales will plummet 25% in 2020, widening from our previous projection of a 15% drop.

China is the only major auto market for which we have not changed our 2020 sales forecast. Auto unit sales in China will contract 10% this year amid signs that demand is beginning to return to normal levels following a sharp decline in the first quarter.