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International rating agency Moody’s lowered its auto sales forecast on Friday as the economic fallout from the coronavirus outbreak continues to worsen.

“We now expect global auto unit sales to plunge about 14% in 2020, a far steeper drop than the 2.5% decline we had projected in February, mostly because of a sharp coronavirus-related drop-off in consumer demand,” said Falk Frey, a Moody’s senior vice president.

The sales are expected to rebound next year, depending on how soon the outbreak peaks in key markets and how quickly consumer sentiment recovers, the Moody’s noted.

The agency projected that Western Europe

Read more: Moody's: Global auto sales to shrink 14% in 2020