June 23, 2020 | Investopaper
Car sales in Europe have fallen by 25 percent this year due to the coronavirus epidemic. The European car industry group says carmakers are facing a major economic crisis.
European Automobile Manufacturers Association (ACEA) has also called on the governments of the European Union and its member states to save the industry and create jobs.
A statement issued by the ACEA said there would be a sharp decline in car sales in Europe.With around 12.8 million units sold in 2019, there will be fall in sales by 3 million in 2020. In other words, only 9.6 million cars will be sold this year.
This year, the car market has shrunk by about 41.5 percent due to the impact of lockdown and sanctions issued to curb the coronavirus epidemic. But the ACEA said the situation was expected to improve as sanctions eased.
The ACEA said Europe’s automobile sector has been facing unusual conditions for some time. These negative effects can only be addressed by the European Union and its governments through political and economic support.