On Friday, international rating agency Moody’s cut its auto sales forecast for 2020 on the back of the economic fallout due to the coronavirus pandemic.
Moody’s estimated global auto sales to slump by around 14% this year, from 2.5% decrease it expected in February.
Falk Frey, a Moody's senior vice president, commented, “The adjustment is heavily affected by the sharp hit of consumer demand related to the coronavirus.”
Western Europe’s demand will be hit the hardest, by roughly 21% this year from the previous estimates of a 4% decrease.
China will post a decline of 10%, said Moody’s, from the previous prediction of a 2.9% fall.
