The world's greatest car show may struggle to return next year.
The 2020 Geneva Motor Show became one of the first high-profile automotive events to be canceled due to the coronavirus outbreak. Since then, the 2020 New York and Detroit Auto Shows have been similarly canceled. Traditional auto shows may not resume until 2021 but even then, many automakers have already said they no longer plan to attend, instead opting to host their own private product reveals.
After successful online reveals like the Aston Martin V12 Speedster and Bentley Bacalar, the need for traditional auto shows seems to be in question. In fact, the organizers of the Geneva Motor Show are now facing serious economic hardship following the event's cancelation. The Foundation in charge of organizing the show even asked the Canton of Geneva for financial support in the form of a loan.
The financial losses of canceling the 2020 show are estimated at 11 million francs ($11.3 million) and the Geneva State Council suggested offering a 16.8 million francs ($17.3 million) loan to recoup from the canceled 2020 show and organize next year's event. Unfortunately, there were conditions attached to the loan that are not acceptable to the show's organizers.
A statement put out by the organizes says the following:
"The conditions attached to the loan, which, in particular, aim to completely outsource the show including its conceptualization to Palexpo SA, are not acceptable to the Foundation. In fact, they are in contradiction to the statutes and especially to the purpose of the foundation formulated more than 100 years ago. Furthermore, the organization of the event in 2021 - a condition linked to the urgency clause of the draft legislation - is very uncertain at the moment."
"Indeed, the major GIMS exhibitors encourage us and strongly recommend to plan the next edition for 2022. It is therefore with deep regret that the Foundation must renounce the loan proposal of the Canton of Geneva," the statement goes on to say.
This is pretty upsetting news for one of the world's premier auto shows and for automotive enthusiasts around the world. The organizers are attempting "to restore financial stability as quickly as possible" but hearing that the next show might not take place until 2022 is depressing to hear as individual citizens and entire countries hope life can return to normal by next year.