[Hyundai Motor Conference Call] "Global Car Sales Expected to Decrease by 20% This Year... Recovery Possible Around 2023"

[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Company stated in its 2020 Q2 earnings conference call on the 23rd that "global automobile sales in the first half of this year are estimated to have reached 30.8 million units," adding, "however, sales are expected to gradually recover in the second half, resulting in a 20% decrease in annual automobile sales compared to the previous year, with a 13.5% increase projected for next year." In particular, they forecasted that "because the COVID-19 pandemic has caused simultaneous downturns in both emerging and developed countries, sales recovery to last year's levels is expected around 2023."

Regarding the Chinese market, they said, "Following a rapid recovery in sales performance to last year's levels after Q2, the recovery trend is expected to continue in the second half, with annual sales this year decreasing by 11.1% compared to the previous year." They further predicted, "Next year, sales are expected to increase by 13% compared to the previous year, recovering to 2019 levels."

For the United States, they forecasted, "Due to a sharp drop in demand in the first half of this year, annual sales are expected to decrease by 15%," and warned, "If lockdowns resume due to a resurgence of COVID-19, additional sales declines will be inevitable."

Excluding China, the Indian market, which has been most severely impacted by COVID-19, saw sales in the first half of this year decrease by 47.4% compared to last year. They stated, "Annual sales this year are expected to decline by 39.8%, but next year, due to the base effect and economic recovery, sales are projected to increase by 24.3% compared to the previous year."

This content was produced with the assistance of AI translation services.