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[Ferro-Alloys.com] The European Automobile Manufacturers' Association (ACEA) is forecasting a 25pc drop in new passenger car sales in the EU this year as result of the Covid-19 pandemic.
The industry body expects sales to fall to 9.6mn in 2020 from 12.8mn in 2019. Its previous projection — made in January before the pandemic took hold in Europe — was for a 2pc fall this year.
"Following the first shockwaves of the crisis between mid-March and May, the EU market has contracted by 41.5pc so far this year. This situation is expected to ease to a certain extent in the coming months as lockdown and containment measures are lifted throughout the region," the ACEA said.
Its forecast represents the lowest number of new cars sold in the EU since 2013 and, in percentage terms, the steepest year-on-year drop ever in Europe's automobile sector. Incentives and scrappage schemes are "urgently required" across the EU to stimulate demand for new cars, the ACEA said.
Source: Argusmedia
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