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The Economic Impact of Covid-19 on the Auto Industry

In: Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022)

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  • Yiyuan Zhang

    (University of Delaware)

Abstract

Covid-19 has slowed the growth of the whole automotive sector, and the market is now overrun by doomsday scenarios. The enormous increase in energy prices in late 2021 and early 2022 will have a severe negative impact on consumers’ ability to purchase goods. The influence of COVID-19 and fluctuations in oil prices over this time on the automobile sector will be examined in this study. By examining the direct effects of COVID-19 on the automobile industry, the causes of the effects, the effects of COVID-19 on oil prices, and the changes that oil prices have brought about to the automotive sector. This analysis indicates that COVID-19 and growing oil costs are having a dual impact on the automobile sector, putting it in a more complicated position. For the car industry, the issues with the oil price brought on by the pandemic and the global situation may persist in the future, and the sector must meet the challenges of changes and crises. The car industry may simultaneously investigate the potential for other innovative technologies and new energy sources to address the multifaceted challenge.

Suggested Citation

  • Yiyuan Zhang, 2023. "The Economic Impact of Covid-19 on the Auto Industry," Advances in Economics, Business and Management Research, in: Vilas Gaikar & Min Hou & Sikandar Ali Qalati (ed.), Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022), pages 123-129, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-054-1_15
    DOI: 10.2991/978-94-6463-054-1_15
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