The COVID-19 pandemic had a significant impact on the global automotive industry in 2020. With many countries imposing lockdowns and restrictions on travel and business activities, new car sales fell sharply in many markets around the world.
According to industry reports, global new car sales fell by around 15% in 2020, with some markets experiencing even steeper declines. In the United States, for example, new car sales fell by around 14% in 2020, with some automakers reporting declines of up to 40%.
The pandemic also forced many automakers to suspend production and delay the launch of new models, further impacting their business operations and financial performance. Despite these challenges, some automakers were able to adapt to the new environment and maintain a strong market position, thanks in part to increased demand for SUVs and pickup trucks, which were seen as more practical and versatile during the pandemic.