The Covid19 pandemic has shook the global economy and has impacted the car sales across the world!
While the passenger vehicle sales for Mar’20 dipped over 50% YoY in the Indian Sub-continent; we shall present the March 2020 sales analysis for markets globally in this post.
First; let us understand how the pandemic effected the origin country China –
China’s auto sales dropped 48.4% in March’20 from a year ago as the economy reeled from the corona virus, adding to the already struggling industry in its biggest global market. Sales of SUVs, Sedans and Minivans totaled just over 1 million as per the reports shared by the China Association of Automobile Manufacturers said. Total automobile sales, including trucks and buses, declined 43.3% to just 1.4 million. Do note that the country was recovering from the record setting -81.7% YoY plunge of Feb 2020 as the country was on a lockdown mode for majority of the month. Collectively; Auto sales in the first three months of 2020 were down 45.4% at 2.9 million.
Automobile Sales in our neighboring country Pakistan –
The sales of passenger cars in March 2020 dropped by over 70 percent in Pakistan on YoY basis. As per Pakistan Automotive Manufacturers Association, only 5,796 units of passenger cars were sold last month from 19,897 units sold during the same period last year. Pakistan registered its first Corona effected patient in the last week of Feb’20 and a lockdown was imposed in most parts of the country in March. The government also directed the automobile manufacturers to shut the plants and halt production to avoid spread of the disease in employees on March 23rd.
Global Sales Graph:
Passenger Vehicle Sales in European countries were impacted the most. While the sales dipped by 86% in Italy (which was the highest), the drop was as high as 72% in France and 69% in Spain.