Little by little, the impact of the pandemic becomes clear and experts dare to make a cautious prognosis about the consequences. According to an American credit rating agency, the European car industry is hit hard.
This is reported by Automotive Management based on assessor Moody’s. In a new report, the Americans adjust their expectations for this year. Global car sales will decline by 14 percent this year, according to their new forecast. Last month, Moody expected this to be 2.5 percent. According to the new figures, it looks even less rosy for Europe, because a contraction of 21 percent is expected for our continent. That is considerably more than the previously estimated 4 percent.
In America and China there will also be a significant contraction as a result of the aftermath of the corona virus, but expectations are somewhat less high there. Car sales are expected to shrink by 15 percent in America and 10 percent in China. In February, shrinkage of 1.2 and 2.9 percent was expected for both markets, respectively.