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Moody's: Coronavirus could crush auto sales in 2020
By Gary Gastelu
Published February 26, 2020
Auto sales could fall dramatically in 2020 due in part to the coronavirus, an industry analysis found.
(Xinhua/Xu Chang via Getty Images)
Moody’s predicts global car sales to drop much more than it originally expected due to issues caused by the spread of the coronavirus.
The rating agency said sales could fall 2.5 percent instead of the previously estimated .09 percent as demand weakens and automakers deal with supply issues caused by efforts to contain the spread of the virus.
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China, which is both the world’s largest auto market and the epicenter of the outbreak, may see severe disruptions in shopping patterns and production as consumers avoid crowded areas, either voluntarily or through government-mandated emergency responses.
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New carbon emissions limits being instituted in Europe may also have a significant negative effect on automakers as they work to fund new electric car programs as conventional auto sales decline.
Global auto sales fell 4.6 percent in 2019.
The Associated Press contributed to this report
https://www.foxnews.com/auto/moodys-coronavirus-could-crush-auto-sales-in-2020