Auto Analysts Predict Just Under 17 Million Vehicles Will Be Sold in 2020
The 33rd Annual Society of Automotive Analysts Automotive Outlook Conference was held at The Mint at Michigan First Conference Center in Lathrup Village. Analysts discussed their projections for vehicle sales, how the economy is doing in relation to the automotive industry and how electric vehicles come into the picture.
Oren Klachkin, Oxford Economics, says the global economy will grow 2.5 percent in 2020. The economy is slowing and doesn’t seem to be on a firm footing. “We are not going into a recession. There is stalled trade growth and weak investment is trending down going forward. Global consumer spending is holding at a steady pace. The labor market has been holding fairly strong also.”
“What are the chances of recession this year? The probability is very low. The U.S. has the longest economic expansion on record. We look for some softness in Q1. The trend will be slow in investment and a weaker environment on consumer spending. The labor market is still strong with 111 consecutive months of expansion. Wage growth slipped to 2.9 percent in December 2019,” says Klachkin.