Even before the pandemic threw its terrible paw on the world the auto industries around the world were facing a serious downfall in business. According to IMF experts, the lagging in production and global economic slowdown were two of the major factors behind it. But post-pandemic or rather say the on-pandemic situation is worsening the fear in the minds of biggest car manufacturers of the world.
With the severe downfall of the economy, the rise in the oil price automobiles for individuals has become again a particular class-oriented luxury. People are giving priorities to other dimensions of life rather than buying a car. A sharp decline in demand is visible throughout the world.
Germen’s big houses of car industry such as Mercedes, BMW, and Volkswagen have already discussed the issue with the chancellor more than once. They are keen to operate their industries and manufacturing units for the sake of the country and also their businesses. In China, Toyota has started its manufacturing unit completely in Guanzhou city. Millions have lost their vocation and there is more to lose. The global outlook of auto industries has suffered a steep decline of 11.1% in vehicle sales since 2019.