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S&P: Global auto sales to decline by 20% this year

24 September 2020 10:45 (UTC +04:00)

S&P Global Ratings expects global light vehicles sales will fall 20% this year compared with 2019 following sales and production disruption due to the COVID-19 pandemic, APA-Economics reports citing Rating Agency.

Across the regions, signs of improvement started to show in China during the second quarter and the agency saw some stabilization in Europe and North America in July and August.

In this depressed environment, the Korean market has surprised us with 8% growth in the first half of 2020. Sales are expected to decrease in the US by 20-22% this year, while increase by 13-15% in 2021, in Europe to decrease by 20-25% this year, and to increase by 8-10% in 2021.