The Ides of March is one of the most famous lines from William Shakespeare’s masterpiece Julius Caesar.
It is a warning from an astrologer to the Roman emperor (Caesar, Beware the Ides of March!) that he had better be careful on that day. And even while Caesar dismisses this as a mere rant, he ends up being assassinated on precisely the same date, March 15, way back in 44 BC.
Cut to the present and the automotive industry finds itself in the same Ides of March situation. The month has been traumatic with every passing day bringing in grimmer news to the world. Quite unlike the horde of conspirators who killed Julius Caesar over 2,000 years ago, this is a sole assassin going by the name of Covid-19 that has single-handedly brought the world down to its knees.
Big brands like Volkswagen, Fiat Chrysler, BMW, Daimler, Groupe PSA, Renault and Toyota have cut back operations in Europe, which is now facing the brunt of this novel coronavirus pandemic. Italy and Spain have been the worst affected while France is preparing for a tough haul.
As humanity finds itself at its most vulnerable in recent times with the death toll from Covid-19 rising across the world, economies have virtually collapsed. Never before has anything like this been experienced when all the advancements in science cannot cope with this invisible terror that has people locked indoors in complete paranoia.
While industries like aviation and hotels have been the worst hit with planes and rooms going empty, the auto industry is facing the heat. In Europe and the US, where Covid-19 is wreaking havoc; the last place people want to go to is a crowded car dealership.
China, where the story began some months ago, has apparently managed to keep things in check, at least for now. February car sales were down by over 80 per cent and March is going to be no different, with people just beginning to head back to work.
The Chinese slowdown
This story is from the March 20, 2020 edition of The Hindu Business Line.
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This story is from the March 20, 2020 edition of The Hindu Business Line.
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