Japanese Automakers’ Global Sales Fall 38% in May as Lockdowns Slash Car Demand

Japanese automakers’ sales across the world plunged by 38% in May due to the closure of car factories during the Covid-19 lockdowns.

 

According to Reuters report, Japan’s seven biggest automakers have sold 1.47 million cars in total last month, dropping from 2.38 million vehicles a year ago, butter smaller than the 50% collapse in April. Meanwhile global car manufacturing slumped 62% to 918,974 units in May, compared to a 55% shrink in April.

 

Toyota Motor Corp sales decreased 34%YoY to 609,460 units. Nissan Motor Co’s sales fell 37.3%YoY to 272,873 units, while Honda Motor Co posted a 29% decline in sales to 327,000 units.

 

The coronavirus pandemic had forced millions people globally to stay at home in order to curb the virus spreading, causing car demand to plunge significantly since March and likely to lead a deep uncertainty about the longer-term economic effect. The experts anticipate that it would take up to five years for demand to recover to 2019 levels.