Economic impact of the coronavirus pandemic on the automobile industry

Abstract

The economic impact of the coronavirus pandemic is evident in many sectors, from service to manufacturing, leading to a synchronized shutdown of an industry not seen since World War II. The pandemic has enormous social, economic and political consequences. It will undoubtedly be marked as a watershed moment in modern history and will cause a change in the lifestyle we have known for the last few decades. In addition to being one of the greatest crises in our civilization in shock, scale and depth, the pandemic has caused many problems for vehicle manufacturers. Broken supply chains, cessation of production, shutting down factories, layoffs and declining interest and customer demand are circumstances that are driving the automotive industry into a deeper recession. The aim of the paper is to point out the consequences that the coronavirus pandemic will have on the automotive sector, as well as to identify the deficiencies of the planning system, the lack of risk management and emergency management by analyzing the basic elements o f the supply chain.

Keywords

• coronavirus
• pandemic
• automotive industry
• supply chain
• risks