Leading car manufacturers braced for more sales misery
BMW is expecting a further decline in global demand as the coronavirus outbreak takes its toll.
The German carmaker has reported a 20.6% drop in first quarter sales to 477,111 vehicles.
BMW sales to China, where the outbreak started, were down 30.9% in the January to March period. They dropped by 18.3% in Europe and by 17.4% in the US.
Peugeot-owner PSA has secured a further €3bn of loans, strengthening its financial position in the wake of the hit to the global car industry.
Renault shares surged after top executives from the Renault/Nissan alliance said they intend to announce their programme for the next three years in mid-May and that billions of dollars in savings are planned.
UK car sales fell 44% last month as the coronavirus crisis hit the British economy and forced many would-be buyers to stay at home. Sales were 254,684 units, making it the weakest March since 1999.
Volkswagen, the top-selling brand, saw its registrations fall 40%, while former number one Ford, now in second place, fell 53%.
