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Moody's downgraded its car sales forecast sharply this year

International rating agency Moody's (Moody's) downgraded its car sales forecast sharply today, with Western Europe expected to take the biggest blow amid a deepening coronavirus pandemic outside China, Reuters reported as quoted by BTA.
Moody's specified that it now expects global auto sales to drop 14 percent in 2002, well above the previous forecast for a decline of about 2.5 percent in February.

For Western Europe, the rating agency expects the biggest drop in demand - up 21 percent this year, while the previous forecast was for a 4 percent decrease.

In China, the biggest auto market, sales are expected to fall 10 per cent from a projected 2.9 per cent decline earlier.

In the US, passenger car sales will decrease by at least 15 percent in 2020, and the previous forecast saw the drop at 1.2 percent.

Car sales in China sank 79.1 per cent in February, reporting their biggest drop at all since the coronavirus pandemic hit demand.

The coronavirus, which claimed the lives of over 22,000 people in the world, caused car plants to shut down around the world, and entire cities closed to curb the spread of the virus.

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