Global Light Vehicle (LV) sales suffered a severe fall in May, dropping by 33% year-on-year (YoY), with the selling rate reaching 61 mn units/year. Though a serious drop, this is an improvement on the April result, suggesting that the post-pandemic recovery, lengthy as it might be, is underway. Nevertheless, this is indicative of the serious impact of coronavirus across the globe.
Korea and China continue their trajectory of recovery, with positive YoY changes in May, while regional declines in other areas are diminished, if still substantial, with the most severe fall found in South America. Headwinds remain significant, but there are now indicators that the very worst has passed.