COVID-19: Global car sales are expected to dive

Global car sales are expected to take a dive this year. What happens to South African manufacturers? Courtesy #DStv403

JOHANNESBURG - Global car sales are expected to dive this year and the question is what happens to South African manufacturers?

Global light vehicle sales are expected to slump 15 percent due to the coronavirus pandemic and lower growth.

That's the forecast from S&P Global.

READ: Coronavirus in South Africa: Rand tanks further

The analytics group says that governments' moves to provide stimulus packages will only partially address pressures on automakers.

It says global light- vehicle sales will probably drop to less than 80 million units in 2020, versus more than 90 million last year.

Meanwhile, South Africa's banks are rallying together to offer some reprieve to their customers during the coronavirus outbreak.

The economic and financial impact is already being felt as downtime kicks in on many factory floors.

READ: Nedbank announces measures to help South Africans amid COVID-19

Loan repayments will be affected.

Some banks have already outlined how they will assist.

Watch the video above for more details.

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