University of Pennsylvania
Crashing U.S. Auto Sales: Can the Industry Recover?
While sales of products like toilet paper, hand sanitizer even home appliances have skyrocketed during the coronavirus pandemic, auto sales have experienced the opposite. Through March, April and May, total vehicle sales in the United States fell to levels not seen since the Great Recession a decade ago. Demand crashed as millions of commuters suddenly found themselves working from home or laid off, and consumers responded predictably to the economic uncertainty by putting off expensive purchases such as new cars, trucks and SUVs.
The future of self-driving is intimately tied to the future of the traditional car industry. Here academics at Wharton explain what could happen in the next few years.