Business

Carmakers: 2020 production dropped in ‘worst crisis ever’

An international auto industry association said, Thursday, that global auto production fell 16% last year to a level last seen in 2010 as the industry was hit by the coronavirus pandemic.

With its sales dropping below 78 million units, the auto sector was facing “its worst crisis ever,” said Fu Pengfeng, president of the International Organization of Automobile Manufacturers (OICA) in a statement.

A breakdown of the organization’s data showed that the decline in production in Europe amounted to 21%, while in North America it decreased by 20% and in South America by 30%.

However, in Asia, which accounts for half of all vehicles produced worldwide, the decline was more modest, at 10%.

Chinese production “which was hit hard in the first months of 2020, recovered very quickly; overall, the Chinese reduction in production has been limited to only 2%.”

She added that the full-year figure “is equivalent to 2010 sales levels,” while Fu said, “The results of 2020 wipe out all the growth achieved over the past ten years.”

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