Just 14,000 cars: Czech automobile sector hit bottom in April

The Czech automobile industry produced just 14,000 cars in April, which under normal circumstances is what the country's manufacturers turn out in less than three days. Hospodářské noviny reports that the sector produces nearly one-quarter of all industrial output in the country and roughly 9 percent of its GDP. April was also a bad month for dealerships, as just 10,000 cars were sold nationwide, nearly 50 percent less than usual, while sales in Europe fell nearly 80 percent. That's bad news for the Czech suppliers of automobile manufacturers, because 90 percent of their output is shipped abroad. The big car makers around Europe have mostly all opened up, but there's growing concern that demand for their new models hasn't woken up yet. "I'm increasingly pessimistic," said Petr Knap, head of the automobile department at EY. "I'm seeing a 20 percent fall as one of the more
optimistic scenarios."