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Moody's expects recovery in vehicle sales next year

All News 16:21 September 08, 2020

SEOUL, Sept. 8 (Yonhap) -- Moody's Investors Service said Tuesday that vehicle sales are expected to recover in the next one and a half years after hitting bottom this year due to the coronavirus pandemic.

A sharp decline in light vehicle sales as a result of the COVID-19 pandemic appears to be bottoming out, with sales expected to climb steeply over the next 12 to 18 months, Moody's said in a statement.

"The stable outlook for the global automotive industry reflects rising sales through 2021, with continued, but slow, increases through 2023," Moody's Senior Vice President Bruce Clark said in the statement.

Nevertheless, auto shipments won't recover to pre-pandemic levels until the middle of the decade. The virus-driven downturn in unit sales is significantly worse than the 2009 decline, he said.

Moody's expected global light vehicle shipments to fall by 19 percent this year, to about 73 million units, then to rise to 80 million next year.

This photo, taken on March 18, 2020, shows completed vehicles lined up at Hyundai Motor's port in Ulsan, about 410 kilometers southeast of Seoul. (Yonhap)

kyongae.choi@yna.co.kr
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