Credit ratings agency Moody's Investor Service on Friday sharply cut its 2020 outlook for global auto sales, with Western Europe expected to take the biggest hit as the coronavirus outbreak worsens outside of China.
The agency said it now expects global auto sales to fall 14 percent in 2020, much more than its previous estimate of about 2.5 percent drop in February.
The credit rating agency now expects auto sales in Western Europe to see the steepest drop-off in demand - at 21 percent this year, sharply weaker than its previous forecast of a 4 percent decline.
In China, the world's largest market, auto unit sales are expected to fall 10%, a steeper decline than the previous projection of a 2.9% drop.
In the U.S., the agency expects light vehicle sales to fall at least 15 percent in 2020, weakening from its previous forecast of a 1.2 percent decline.
The number of U.S. coronavirus infections climbed above 82,000 on Thursday, surpassing the n…