BBVA Research has published its July Auto Sales Chartbook reflecting new vehicle sales and strong performance in the second quarter.
Sales have increased in the months of May and June after headwinds in April. The growth is attributable to the partial reopening of the economy and economic stimulus that were instigated.
Despite this progress, sales are not expected to improve further through this year’s remaining quarters in connection with the continued challenges brought about by COVID-19.
The 33-page study also noted that although it demonstrated a strong performance, the 2020 second quarter has logged the worst sales drop since 2019 in the same quarter, according to PR Newswire.
Additionally, compared to last year’s second quarter, this year’s second quarter sales were 33.7% lower.
Sales, in the long run, may be affected by changes in consumer behavior such as the growing rates of remote work.
BBVA Research’s July Auto Sales Chartbook may be downloaded from this link.
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