The coronavirus pandemic has taken down another auto show.
The group that runs the Geneva International Motor Show, The Foundation "Salon International De L'Automobile," announced on Monday that the 2021 Geneva show is canceled and that it prefers to sell the rights of the show to Palexpo SA, the venue where the event is held.
Scheduled for March, the 2020 Geneva show was canceled in late February due to the coronavirus pandemic. The committee and council of the foundation conducted a survey of the event's exhibitors and found that the majority of them would likely not participate in a 2021 show and would prefer a 2022 show.
The lack of a 2020 show had a major financial impact on the Foundation, which claims the cancellation of the 2020 show resulted in a loss of $11.55 million. The Foundation asked the Canton and State of Geneva for a loan to cover those losses and at the beginning of June, Geneva approved a loan of $17.64 million. However, the Foundation has decided not to take the loan because the first payment of $1.05 million would be due next June before it could raise any more funds and because the loan would require a show in 2021.
Without a viable loan, the Foundation now prefers to sell to Palexpo SA to ensure the show can happen on a regular basis. The Foundation claims that the Geneva show is the largest public event in Switzerland and brings in some $211 million to the local economy.
The coronavirus has also taken down the 2020 New York International Auto Show and the 2020 North American International Auto Show. However, the Los Angeles Auto Show remains scheduled for November, as does the SEMA automotive aftermarket show in Las Vegas.