Global Car Sales To Fall, Spooked By Russian Invasion, China’s Shutdown
Aerial view Vehicle carrier vessel cruising at car park in sea port or manufacture waiting for … [+]
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Global car sales were supposed to rally this year as manufacturers dragged themselves out of the coronavirus mire, but a combination of Russia’s invasion of Ukraine, China’s renewed medical emergency shutdown and key component shortages mean a more than 5% contraction is likely, according to a report from Germany’s Center for Automotive Research (CAR
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The report said it’s not all bad news for manufacturers. Underlying demand is still strong, and component shortages mean a lack of new vehicles are reaching buyers and prices are strong, generating what amounts to windfall profits. Second-hand vehicles are also in demand. You can forget radar cruise control or plug-in hybrids; availability is the most important feature.
CAR said global sales in 2022 will fall to 67.6 million from last