BERLIN (Reuters) - German auto association VDA on Thursday cut its forecasts for the US and European car markets, citing inflation, interest rates and ongoing supply chain problems.
The company has revised its forecast for U.S. car sales this year, from its previous forecast of a 1% decline, to he forecast a 7% decline.
In Europe, we expect shipments to decline 4% from our previous unaltered forecast.
Meanwhile, China, which is recovering faster than expected from pandemic-related lockdowns, forecasts 9% growth compared to its previous forecast of 3%.
Globally, the association continues to expect 71.4 million deliveries last year, still 9.2 million below industry production in 2019 before the pandemic.
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