Impact on the automotive industry : navigating the human and business impact of COVID-19

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      <subfield code="a">In many respects, the automotive industry is essential for the global economy and the resulting prosperity: is a critical component of economic growth with extensive interconnections to upstream (e.g. steel, chemicals, textiles) and downstream industries (e.g. repair, mobility services). With nearly 14 million people employed in Europe and 8 million in the US, as well as approximately 5 million in China, the figures highlight the importance of the sector. The turnover earned by the automotive industry exceeds 7% of EU GDP, 3-3.5% of the overall GDP in the US and 10% in China. Although it is currently a difficult time, the OEMs that are able to mobilize their COVID-19 response and take swift actions will be in a better position post-event and more resilient going forward.</subfield>
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