IHS Markit Trims 2020 Global Light Vehicle Sales, Production Forecasts
IHS Markit Ltd. Common Shares (INFO)
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Source: Business Wire
SOUTHFIELD, Mich.--(BUSINESS WIRE)--IHS Markit (NYSE: INFO), downwardly revised its forecasts for global light vehicle sales and production as the impact COVID-19 impact has depressed demand. According the new analysis, global light vehicle sales are now forecast to be 69.6 million units this year in the wake of the pandemic. IHS Markit forecasts a similar decline for global light vehicle production, falling to 69.3 million units.Auto sales forecast to drop 22.0 percent, with risk for further deteriorationImpacts to global auto demand in the wake of COVID-19 have rapidly progressed to severity levels higher than the 2008-2009 recession, and significant uncertainty around prospects for a meaningful recovery remain. Global light vehicle sales in 2020 are now forecast to drop to 69.6 million units, 22.0 percent lower than in 2019, with risks to the forecast still skewed to the downside.“The pandemic remains a clear and present danger to the autos sector, with months of uncertainty ex
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