The 2021 edition of the Geneva Motor Show has been canceled due to the financial consequences of the pandemic, its organizers announced. The loan of 16.8 million francs from the State of Geneva is refused. A sale of the fair at Palexpo is the preferred solution.
In a press release, the Committee and the Foundation Council of the International Motor Show indicate on Monday that they “gave up organizing an event in 2021 for obvious reasons: following a survey, the majority of exhibitors indicated that it would not participate probably not a 2021 edition and that it favored a next edition in 2022 “.
As the automotive sector is currently facing a major crisis, exhibitors need time before they can invest in a show. In addition, it is not certain that the health situation will allow the organization of an event gathering more than 600,000 visitors and 10,000 journalists next spring.
The Foundation had asked the canton of Geneva for financial support to cover the losses caused by the cancellation of the 2020 edition, estimated at 11 million francs, and to prepare a new edition. In early June, the Grand Council of Geneva approved a loan of 16.8 million Swiss francs for the Foundation.
While thanking the cantonal authorities, the Foundation does not consider the terms of this loan as a guarantee of long-term financial stability. In fact, the Foundation should reimburse one million francs from June 2021 without having benefited from a cash inflow beforehand, the 2021 edition cannot take place.
This loan is also subject to the condition that an event be organized in 2021, the Foundation is obliged to refuse the canton’s proposal.
Sale at Palexpo
The Foundation decided to prioritize the sale of the show to Palexpo SA, the objective being to find a solution allowing the regular organization of an international car show in Geneva. The purchase of the assets would transfer all rights from the organization to Palexpo.
The auto show is the largest public event in Switzerland, recall the organizers. Its economic spinoffs for the canton of Geneva are estimated at around 200 million francs per year.