Steel Markets
July 7, 2020
Automotive Sales Plummet in Second Quarter
Written by Sandy Williams
U.S. auto sales plunged in the second quarter as the COVID-19 crisis shut down production and severely curtailed consumer buying. The decline in sales was the largest since the Great Recession, falling by about a third from Q2 2019 levels. Results could have been worse, said analysts, if not for higher than expected sales in April and May.
The Detroit 3 reported that sales tumbled more than 30 percent during the quarter compared to a year ago: General Motors plunged 34 percent, Ford 33 percent and FCA 39 percent. Toyota reported a 34.6 percent decline year-over year for Q2.
