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

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The Economic Impact of Covid-19 on the Auto Industry

Authors
Yiyuan Zhang1, *
1University of Delaware, Newark, DE, 19711, USA
*Corresponding author. Email: sqzyy@udel.edu
Corresponding Author
Yiyuan Zhang
Available Online 14 December 2022.
DOI
10.2991/978-94-6463-054-1_15How to use a DOI?
Keywords
COVID-19; oil price; auto industry; impact
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.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
14 December 2022
ISBN
978-94-6463-054-1
ISSN
2352-5428
DOI
10.2991/978-94-6463-054-1_15How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Yiyuan Zhang
PY  - 2022
DA  - 2022/12/14
TI  - The Economic Impact of Covid-19 on the Auto Industry
BT  - Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022)
PB  - Atlantis Press
SP  - 123
EP  - 129
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-054-1_15
DO  - 10.2991/978-94-6463-054-1_15
ID  - Zhang2022
ER  -