The hits just keep on coming for the auto industry. Frozen amidst a global lockdown due to the coronavirus, auto sales and registrations data continues to be atrocious around the world and the industry that was mired in recession even before the pandemic became a problem continues to face odds that look insurmountable.
The latest batch of cheery optimism came out of Europe, where auto registrations plunged 76% in April. According to the European Automobile Manufacturers Association, the number of new cars sold fell from 1,143,046 to just 270,682 YOY.
The ACEA said: "The first full month with COVID-19 restrictions in place resulted in the strongest monthly drop in car demand since records began."
The data was driven by each of the 27 EU markets recording double digit declines in April, with Italy and Spain spearheading the misery, posting losses of 97.6% and 96.5% respectively. Sales plunged 61.1% in Germany and France dealt with an 88.8% contraction in April. The U.K. also posted a sales drop of 97.3%, according to CNBC.
Sequentially, the numbers are worse than March, when new car sales fell 55%. It was in mid-March that most European countries instituted their lockdowns.