Q3 2020 EDAG Engineering Group AG Earnings Call Transcript
Good morning, ladies and gentlemen, and welcome to our Q3 earnings call. I'm here together with my colleague, Holger Merz, who will give you the financial details on the first 9 months of 2020 later on.
As usual, I would like to give you an update on our market environment at the beginning. As already indicated during our H1 call, the second quarter showed the worst effect of the global COVID-19 pandemic so far. We have experienced a sequential improvement in our business environment since mid-June, which continued to evolve over the complete third quarter. The easing of corona restrictions in almost all countries worldwide led to a slight recovery in global car sales volumes with September even showing growth for Europe, the U.S. and especially in China. However, on a year-over-year basis, global car sales are still severely hit by the pandemic and far below the previous year's level.
As a result of this negative economic impact, most of our customers are still operating in a crisis mode. With a focus of
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