30 Jun 2020|Moody's Investors Service
The coronavirus compounds the challenges already confronting the global auto industry and we estimate that global light vehicle sales will fall by at least 20% this year, and by more in North America, Europe, the Middle East and Africa. Over the past three months we downgraded 40% of the auto manufacturers we rate, involving about $130 billion of debt.
13 May 2020|Moody's Investors Service
We now expect global auto unit sales to plummet 20% in 2020, widening from our previous projection of a 14% drop. Our more pessimistic view is largely based on the darkening outlook for the global economy. Among the major car markets, Western Europe and the US will likely see the steepest sales declines.
01 May 2020|Moody's Investors Service
Fiat Chrysler, Volkswagen, Daimler and Volvo have all restarted manufacturing operations in Europe. While the ramp-up of vehicle production will be gradual, it is credit positive for automakers and an important first step in the sector's eventual recovery.
28 Apr 2020|Moody's Investors Service
We expect liquidity in the European auto parts supplier sector to come under pressure as global light vehicle sales plunge amid the economic fallout from the coronavirus outbreak. Nonetheless, companies in the sector remain better positioned today versus their pre-financial crisis levels in 2008.
07 Apr 2020|Moody's Investors Service
Most automakers are contending with the coronavirus-related drop in demand with a stronger liquidity buffer than they had during the 2008 financial crisis. Liquidity is particularly strong among most European and Asian automakers, which provides a degree of confidence in their ability to manage through the next few quarters of high cash burn.
27 Mar 2020|Moody's Investors Service
As the fallout from the coronavirus outbreak worsens, we estimate global auto unit sales will plunge 14% this year. A sales rebound is likely in 2021, helped by an easier year-over-year comparison, but the strength of the recovery will depend on how soon the outbreak peaks and how quickly consumer sentiment rebounds.