Annual Auto Sales Expected to Drop 22 Percent
April 22, 2020—IHS Markit said on Tuesday that it expects a steeper decline than previously forecast in March of global vehicle sales to decline 22 percent this year to 70.3 million, per CNBC.
The report comes during the coronavirus taking its toll on the global auto industry. Domestic sales would be the lowest since the 11.6 million cars and trucks sold in 2010 as the industry emerged from the Great Recession.
While shelter-in-place orders remain, it was recently reported that auto sales was deemed an essential business during the coronavirus pandemic. The U.S. Department of Homeland Security's Cybersecurity and Infrastructure Security Agency recently added vehicle sales to its list of essential services.