French automakers’ sales dropped 88.8 percent in April, reflecting the effects of the coronavirus epidemic on the national economy. The slump comes as a result of a nationwide lockdown that has closed car dealerships and stopped new passenger and commercial vehicle purchases and registrations.
At this time last year, with registrations at 188,195, car sales hovered around the 220,000 mark. Last month, the total number of registrations was 20,997. France's auto market is dominated by Groupe PSA, which includes Opel, DSA, Peugeot, and Citroen.
In 2020, a 20 percent drop is predicted. In March, the global car market plunged 40 percent. To help the recovery process, a French state-guaranteed loan of €5 billion ($5.5 billion) announced by the European Commission to help Groupe Renault.
The liquidity provided by the Commission will help Groupe Renault deal with the pandemic consequences in the economy.
GDP in France fell 5.8 percent in Q1 and is predicted to fall by 8 percent by year's end, its biggest drop since 1949.
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Published on May 5, 2020 11:01 AM (GMT+8)Last Updated on May 5, 2020 11:01 AM (GMT+8)
