18-08-20 Auto manufacturing overview
As the coronavirus crisis plays out, the recovery in the world’s key auto production hubs, with China the exception to an otherwise weak environment.
Carmakers across the globe saw initial signs of improvement in the second quarter, but the auto industry remains concerned about the prospects for a long term recovery as COVID-19 cases have continued to flare up.
The Eurozone manufacturing sector has remained in contraction for the past 17 months, although its June PMI was revised higher to a four-month high of 47.4 from a preliminary estimate of 46.9 and compared to May’s final reading of 39.4.
In June, EU registrations of new passenger cars totaled 949,722 units, a drop of 22.3% compared to the same month last year but a slight improvement over May 2020, which saw a drop of 52.3%. Over the first half of 2020, EU demand for new passenger cars contracted 38.1%, the result of four consecutive months of unprecedented declines across the region.
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