Analysts continue to revise their sales forecasts downward in the face of the coronavirus pandemic, even as the global automotive industry starts to stir to life again.
IHS Markit said this week that it is predicting global light vehicle sales will fall 22 percent for the year to 70.3 million units. Underlying that gloomy scenario is a “hard and fast” fall into a real recession, with GDP down 3 percent, the analyst company said.
Any recovery will likely be “disorderly and jagged,” IHS said this week, with production starting in April in some areas such as Eastern Europe and showrooms reopening elsewhere, including Germany -- but other markets remain under total shutdown.
"Market fortunes are expected to be mixed, as delayed and destroyed demand interacts with massive global supply disruption," said Colin Couchman, executive director, global autos demand forecasting at IHS Markit.