Amid uncertain demand due to coronavirus, the European automotive market resumes production. An industry leader said Turkey is well-positioned to draw more export orders and to emerge from the crisis with less damage.
From January to April this year, the automakers largely shut down their factories due to a collapse in demand as well as to stem the virus’ spread.
Automotive production mostly restarts at a slow pace in May. The production, depending on consumer behavior and the course of the virus, is expected to ramp up gradually in the second half of the year. After a contraction this year, the expected automotive sector revival in 2021 will not help it overtake the 2019 levels globally, head of the Automotive Supplier Industry (TAYSAD) said.
Global auto sales in 2020 are expected to slump more than 20 percent year-on-year to 70.3 million units.
Down 25.6 percent from the same period in 2019, the latest data from the European Automobile Manufacturers' Association (ACEA) showed the EU27 passenger car market saw a dramatic annual drop in registrations of new vehicles in Q1.
In contrast, Automotive Distributors' Association (ODD) data showed Turkey's car and light commercial vehicle sales surged 41 percent year-on-year in Q1 2020. On an annual basis, passenger car sales rose 45 percent to 99,630 in Q1.
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Published on May 14, 2020 7:25 AM (GMT+8)Last Updated on May 14, 2020 7:25 AM (GMT+8)
