Hanover, Germany – Continental Corp. does not anticipate “any recovery” in the global economic environment and expects worldwide car production to decline 2-5% year-on-year in 2020.
For the first quarter of this year, passenger car and light vehicle production is expected to decrease by more than 10% globally and by “at least 30%” in China, Continental said in its annual result statement 5 March.
These estimates, the Hanover-based group noted, take into account the impact of the coronavirus on production volumes, “as can be determined to date.”
The market forecast does not include possible further disruptions to production, supply chain and demand as a result of the continuing spread of the virus.
Other factors such as trade conflicts, “drastically more stringent emission” regulations in Europe and the rapid digitalisation of business processes and products, will also impact automotive production, added Continental.