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Visit McKinsey to read the article.
“The COVID-19 pandemic has affected many industries, but the automotive and mobility industries are among the hardest hit. Consumers across the globe continue to face severe health and financial concerns, and mobility remains somewhat restricted in many parts of the world. Many car dealerships closed, and car buying ground to a halt, with sales plummeting 71 percent in China in February 2020, 47 percent in the US in April, and 80 percent in Europe also in April. Likewise, mobility behavior has changed drastically, as many commuters have worked from home and others have stayed away from public transportation due to health concerns.”