The global car market will recover by 2022June 25, 2020
Car sales have been hit hard by the effects of coronavirus worldwide. Volkswagen experts argue that the previous level of sales can only be achieved in 2022.
It is not surprising that 2020 will be a very “sad” year for the automotive industry. Not only have factories for a long time been closed around the world, but dealers have also not worked for a long time. In Europe, sales are expected to fall by around 25% throughout the year. It is estimated that in 2020, European dealers will sell more than 3 million cars less than last year.
According to Volkswagen, anyone who thinks that the year 2021 of the global car market will start from scratch is seriously mistaken. Christian Dalheim, the person who is primarily responsible for sales within the group, expects a long-term decline in consumer demand. He claims that the British automotive industry association SMMT expects a V-shaped recovery, but the best side of this “V” will only show its worth in 2022. That is, it is expected that sales figures in Europe will become comparable to the level of pre-coronavirus not earlier than in 2022.
The top manager also speaks of a faster recovery of the Chinese economy: “V there is very cool and is almost at a normal level.” According to him, soon sales in the Middle Kingdom will finally recover and remain at a “normal level.” In the USA, probably the same picture as in Europe, but it is more difficult to predict. South America, according to Dalheim, will survive this time harder than others. There, he expects market recovery only by 2023.
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