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ACEA Cuts EU Car Sales Forecast 2020

Auto News - Published on Wed, 24 Jun 2020

Image Source: Auto Europe Coronavirus COVID19
In the light of the major economic crisis facing the auto industry due to COVID-19, the European Automobile Manufacturers’ Association has radically revised its 2020 forecast for passenger car registrations down to about -25%. This effectively means that the industry association expects car sales in the European Union to tumble by more than 3 million from 12.8 million units in 2019 to some 9.6 million units this year.

Following the first shockwaves of the crisis between mid-March and May, the EU market has contracted by 41.5% so far this year. This situation is expected to ease to a certain extent in the coming months as lockdown and containment measures are lifted throughout the region.

Nonetheless, in terms of volumes, ACEA’s forecast for 2020 represents the lowest number of new cars sold since 2013, when the industry had come through six consecutive years of decline in the aftermath of the 2008-2009 financial crisis. In terms of percentage change, the bleak outlook represents the sharpest drop ever witnessed by Europe’s automobile sector.

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Posted By : Yogender Pancholi on Wed, 24 Jun 2020
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