Global Car Sales Expected To Shrink By More Than 4 Mln Units
Umer Jamshaid 4 days ago Wed 12th June 2019 | 08:05 PM
Global sales of new cars are expected to decrease from 83.7 million in 2018 to approximately 79.5 million in 2019, according to a study by the German CAR Institute from Wednesday
One of the main reasons for the strongest global decline in new car sales in more than 20 years would be the "large uncertainties due to tariff wars and sanctions imposed by the U.S. government under President Donald Trump", explained CAR director Dudenhoeffer.
Germany's largest car maker Volkswagen recorded a decline in deliveries to China of more than 13 percent in the first quarter of 2019 while Daimler and its Mercedes-Benz brand recorded a decline of 3 percent.
By contrast, many other car markets recorded significant declines. In Argentina, 58 percent fewer new cars were sold in the first four months of this year than in the same period last year while in Turkey sales declined by 47 percent.
"The crisis scenario could hardly be any bigger," concluded Dudenhoeffer.