EP&T: Automakers to face further issues in 2021
From flourishing to floundering: Pandemic wreaks havoc on carmakers
In the first half of 2020, the automotive industry took a hard hit from COVID-19 with demand nosediving, production shutdowns and allocation shifts focusing on telecommunications and industrial automation. As a result, sales went down a whopping 34%.
By the end of the year, demand for automobiles began to mend as sales improved by 19%. Though this is lower than previous years, some car manufacturers have already started to see the effects of this rebound and are predicting sales to reach that of 2019 – one of the best years in the industry.