) said on Thursday it expected to report a near 70% plunge in a key first-quarter earnings figure and 2020 industrial free cash flow to fall, as customers shunned Mercedes-Benz car showrooms amid the novel coronavirus pandemic.
The forecast provides further evidence of the financial damage inflicted by the pandemic on the auto market, as global vehicle sales and production get pummelled by tight restrictions governments have had to impose on business activity and the movement of people to control the spread of the virus. Overall passenger car sales tumbled by more than 50% in Europe’s major markets last month, with Italy - hit particularly hard by the pandemic - reporting the biggest drop of 85.4%, according to data from the European Auto Industry Association .
Meanwhile, Germany, Europe’s largest economy, has begun to ease some restrictions, allowing carmakers to restart production.
While western companies are bankrupt, Chinese companies are growing and buying bankruptcies. That is so suspicious.
Poor rich boy 👦
in other news: duh