Germany's core industry-the automotive industry suffered severe winter
Germany is a major manufacturing country, and the country's manufacturing leader is the automotive industry, accounting for about 5% of German GDP (2017). Four of the German blue chip stock index DAX30 are automobile manufacturing companies, namely BMW, Continental, Dai Mueller and Volkswagen. But now, the spread of the epidemic has worsened the auto industry, which has been in a slump in recent years, highlighting the current sluggishness of the German economy.
According to German media reports, most German car dealers "have almost nothing to do" in the last two weeks. Since the German federal states have strengthened control measures during the epidemic about two weeks ago, almost no new cars have been sold, the used car market has also been deserted, and even the number of customers repairing cars has dropped sharply because when people are "forced" Staying at home, the frequency of use of cars has naturally been greatly reduced.
On April 3, the latest data released by the German Automobile Industry Association (VDA) showed that the number of new car registrations fell by 38% in March to 215.1 thousand units; the number of new car registrations in the first quarter fell by 20% to 701,300 units.
