Aug 27, 2020 / 08:00AM GMT
Operator
Good day, and welcome to the EDAG Engineering Group Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Cosimo De Carlo. Please go ahead.
Cosimo De Carlo - EDAG Engineering Group AG - CEO & Member of Executive Board
Thank you. Good morning, ladies and gentlemen, and welcome to our H1 earnings call. I'm here together with my colleague, Holger Merz, who will give you financial details on the first half of 2020 later on.
As usual, I would like to give you an update on our market environment at the beginning. As expected, the second quarter was heavily impacted by the corona pandemic. With partial lockdowns in many countries of the world, global car sales declined by more than 40%. As a result of the pandemic and its negative economic impact, most of our customers have released profit warnings. In order to stay or become profitable again, OEMs and their suppliers have announced saving programs and a realignment of capacities. Of course, this development is largely impacting the current market
Half Year 2020 EDAG Engineering Group AG Earnings Call Transcript
Aug 27, 2020
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