The Geneva Motor Show will not be held in 2021 owing to the economic troubles induced by the coronavirus pandemic as nicely as poor turnout from the world’s motoring manufacturers.
Immediately after the cancellation of this year’s Geneva Motor Show, the event’s organisers requested a mortgage from the Swiss govt to enable offset the losses incurred, which are valued at an estimated 11 million Swiss Francs (roughly £9.four million).
In early June, the Swiss govt granted the event’s organisers a 16.eight million Franc (£14.3 million) bailout – but the mortgage has been rejected by the Geneva Motor Show’s board, as the repayment terms would cripple the event’s funds even further.
The initial repayment of one million Francs (about £850,000) was owing in June 2021. An additional of the terms of the settlement was that a Geneva Motor Show experienced to be held upcoming 12 months, which turned not likely owing to the unwillingness of the world’s motoring manufacturers to participate following a survey by the show’s organisers.
The survey also unveiled that a lot of global vehicle brand names would prefer to have the event in 2022, to give them adequate time to get well some of the losses experienced in the course of the pandemic.
Owing to this chain of functions, the Geneva Motor Show’s Foundation Board has voted in favour of the event’s sale to Palexpo SA, which is the organising board who manages the motor show’s annually venue.
The sale would transfer all of the event’s legal rights to Palexpo SA and with any luck , save the motor demonstrate from dissolution. The Geneva Motor Show remains the premier public event in Switzerland – and its removing from the calendar would negatively effect the Swiss overall economy by an estimated two hundred million Swiss Francs (about £171 million) for each 12 months.
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