Tesla resilience will continue to confound COVID-19 crisis – GlobalData

Following the news that Tesla’s market capitalisation now exceeds that of Toyota, making it the most valued carmaker in the world, David Leggett, automotive Analyst at GlobalData, says: “The automotive sector is among the most severely impacted by the COVID-19 crisis and facing decimated markets this year. GlobalData’s base COVID-19 light vehicle sales scenario forecasts a fall of 17.8 per cent on 2019 to 73.9 million, a greater hit to the market than in the 2007/8 financial crisis. Against this background, the share prices of many automotive companies and suppliers have been hit.”