On Thursday, Global production of automobiles tumbled by 16 percent last year to a level last seen in 2010 as the industry was thrashed by the coronavirus pandemic.
With a drop to less than 78 million units sold, the auto sector faced “its worst crisis ever,” the president of the International Organization of Motor Vehicle Manufacturers (OICA), Fu Bingfeng, said in a statement.
A breakdown of the organisation’s data showed that in Europe, the drop in output was 21 per cent, while in North America it fell by 20 per cent and in South America by 30 per cent.
In Asia however, which accounts for half of all vehicles produced worldwide, the decline was more modest, at 10 per cent.
Chinese production “which was hit hard in 2020’s first months, recovered very quickly; all in all, the Chinese reduction in production has been limited to only two per cent,” the OICA statement noted.
The full-year figure was “equivalent to 2010’s sales levels,” it added while Fu said: “The 2020 results wipe off all the growth made over the last 10 years.”