Global production of automobiles tumbled by 16% last year to a level last seen in 2010 as the industry was pummelled by the coronavirus pandemic, an international carmaker association said on Thursday.
With a drop to less than 78 million units sold, the auto sector faced “its worst crisis ever,” said International Organisation of Motor Vehicle Manufacturers (OICA) President Fu Bingfeng in a statement.
A breakdown of the organisation’s data showed that in Europe, the drop in output was 21%, while in North America it fell by 20% and in South America by 30%.
In Asia however, which accounts for half of all vehicles produced worldwide, the decline was more modest, at 10%.
The full-year figure was “equivalent to 2010’s sales levels,” it added while Fu said, “The 2020 results wipe off all the growth made over the last 10 years.”
Published in The Express Tribune, March 26th, 2021.