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2/26/2020, 2:01 PM (Source: TeleTrader)
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Moody's lowers 2020 auto sales forecast over coronavirus

Credit ratings agency Moody's Investor Service slashed its global outlook for car sales on Wednesday amid the coronavirus outbreak.

The company now predicts global auto sales will fall 2.5% this year after a previously projected decline of 0.9% for 2020. "Sales will rebound only modestly in 2021, with growth of 1.5%," Moody's Senior Vice President Falk Frey said.

Mody's forecast that Chinese auto sales will take the biggest hit at 2.9% for 2020, while Japan is expected to be the only major market to see growth in the industry.

Globally, the number of people infected with the coronavirus stands at about 80,000 currently.

Baha Breaking News (BBN) / JC