In the light of the major economic crisis facing the auto industry due to COVID-19, the European Automobile Manufacturers’ Association (ACEA) has radically revised its 2020 forecast for passenger car registrations down to about −25%.
Source: European Automobile Manufacturers Association
In a new European Economic Forecast, the European Commission expects a deeper recession and a slower recovery for the economy of the Union. However, the blow caused by the pandemic differs from country to country with some states and industries expected to recover faster due to internal factors.