Last week, automakers unveiled second-quarter 2020 sales reports. Sagging showroom traffic amid the coronavirus rampage resulted in a sharp drop in sales during second-quarter 2020. Lush incentives and easy financing terms failed to beat the coronavirus blues. Fleet sales to rental car companies, corporations and government agencies have been hit hard, and recovery is expected to be slow as corporate customers are resorting to cost cuts.
Detroit Big 3 carmakers including General Motors, Ford and Fiat Chrysler reported a year-over-year sales decline of 34%, 33.3% and 39%, respectively, on a volume basis. Japan-based auto bigwigs Toyota, Honda and Nissan recorded a year-over-year plunge of 34.6%, 15.5% and 49.5%, respectively. Vehicle sales of German auto giants including Volkswagen and BMW AG fell 29% and 40%, respectively, during second-quarter 2020.
China based-EV maker was a major outlier. NIO delivered 10,331 vehicles in the second quarter that exceeded the firm’s guidance and increased