Report: Pandemic Could Significantly Decrease Auto Production
March 17, 2020—The coronavirus and its ripple effect on consumer demand could send global auto production down 16 percent in 2020, according to a report by CNBC.
The numbers come as the auto industry and its stock markets decline more than other industries. Shares of publicly-traded U.S. automakers are down between about 30 percent and 40 percent this month.
RBC Capital Markets said in the report its new forecast for global automotive production being down 16 percent is largely “from a demand perspective,” including retail sales in China – the world’s largest auto market – being cut in half so far this year.