2020 Auto News News

Auto industry recovery from COVID-19 could take years, signaling slow climb back

Global vehicle sales could fall year-over-year by more than 20% in 2020, according to a new study, and not return to pre-COVID-19 levels until 2023 — another gloomy sign that contributed to the Dow Jones Industrial Average plunging nearly 1,900 points Thursday to its lowest since March.

The Dow fell 6.9%, the S&P 500 dropped 5.9% and the tech-heavy Nasdaq was down 5.3% over concerns a second wave of the novel coronavirus is hitting states that are re-opening their economies. And Federal Reserve chairman Jerome Powell offered a bleak economic forecast a day earlier, saying “the extent of the downturn and the pace of recovery remain extraordinarily uncertain.”

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