US car sales spiraled in Q1 as the coronavirus pandemic continues to rock the economy
- The coronavirus sent US car sales tumbling in Q1, as shown by first-quarter sales reports released on Wednesday.
- Compared to Q1 of 2019, Fiat Chrysler's sales fell 10%, Subaru's sales decreased 16.7%, and Nissan's sales plummeted 29.6%.
- Kia's Q1 sales went up by 1%, however, compared to the first quarter of 2019.
- Visit Business Insider's homepage for more stories.
As the coronavirus pandemic rages on, its effects continue to ripple across nearly every industry - tanking US car sales in the process.First-quarter sales reports came out Wednesday, and the numbers show a significant drop in US sales for most major automakers. Fiat Chrysler said Q1 sales fell 10%, while General Motors said sales dropped by 7%. Nissan reported a 29.6% decrease. Advertisement
Sales plummeted dramatically in March as people began to stay home en masse amid lockdown orders and concerns of contracting the virus. Volkswagen of America, for example, said that its March sales fell 42%, while Subaru of America's dropped by 47%.
Monthly figures are not available for all automakers, however, as an increasing number of companies have moved to quarterly reporting - a practice that smooths over month-to-month sales volatility. The sharp decline in sales is the second major challenge automakers are grappling with in the midst of the global pandemic, as the industry has effectively come to a halt with production shutdowns.Here's how each automaker fared during the first three months of 2020, as the novel coronavirus spread around the globe:
Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email email@example.com and tell us your story.
And get the latest coronavirus analysis and research from Business Insider Intelligence on how COVID-19 is impacting businesses.
Fiat Chrysler Automobiles: -10%Advertisement
General Motors: -7%
- Maharashtra announces guidelines for a gradual resumption of services in the state, dubs it as Mission Begin Again
- Karnataka government issues revised guidelines for Unlock 1.0 — religious places, temples, hotels to open from June 8
- Punjab extends lockdown till June 30 — liquor and barber shops, beauty parlours to reopen for 12 hours everyday in non-containment zones
- A black hole spewed out material equivalent to 500 Empire State Buildings at nearly the speed of light — and NASA caught it on video
- Telangana extends lockdown till June 30, new guidelines allow inter-state travel