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COVID-19 Pounds on American Car Market and Local Japanese Carmakers
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2020-04-23
According to Nikkan Kogyo Shimbun (The Daily Industrial News) reports, COVID-19 is quickly freezing the American market. The U.S. GDP in March to June is estimated to decline 30%. Meanwhile, the American car demand is dwindling. Local Japanese carmakers are forced to shut down car plants for an extended period to May. The report reads that profits in the American market are one of the financial pillars for Japanese carmakers, and their financial performance could take a huge blow.
A market survey indicates the American new car sales in March declined 40% compared to last March. (Ever recall that appalling 80% car sales drop in China back in February? The American car sales in March already dropped half the margin of China's unprecedented free fall.) Nomura Securities adjusted the American full-year car sales forecast down to 14.1 million vehicles. That is a 17% drop which translates to a loss of 2.8 million vehicles.
The declining demand is affecting car production in Japan. According to Japan Automobile Manufacturers Association, Japan exported 1.73 million vehicles to the U.S. in 2019 which took up 40% of all the country's automotive export. The pandemic is making Japanese carmakers to re-adjust production of cars for export to the U.S.
A market survey indicates the American new car sales in March declined 40% compared to last March. (Ever recall that appalling 80% car sales drop in China back in February? The American car sales in March already dropped half the margin of China's unprecedented free fall.) Nomura Securities adjusted the American full-year car sales forecast down to 14.1 million vehicles. That is a 17% drop which translates to a loss of 2.8 million vehicles.
The declining demand is affecting car production in Japan. According to Japan Automobile Manufacturers Association, Japan exported 1.73 million vehicles to the U.S. in 2019 which took up 40% of all the country's automotive export. The pandemic is making Japanese carmakers to re-adjust production of cars for export to the U.S.
美國汽車銷量大幅下修
日本車廠慘
U.S. car demand drops
Japan car manufacturers suffer
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