The European car market has suffered from a major setback in July and August with new registrations declining significantly after four months of accelerated growth.
Euro Stoxx 50 up +0.78%, EUR USD down -0.42%
In August, car registrations in the EU dropped by 19.1% on-year to 66,993 units, expanding the decline from a 23.2% drop in July, 823,949 units.
The EU’s four major markets revealed similar trends in July, all recording strong losses. France saw the largest decline as it was 35.3% down, followed by Spain (-28.9%), Germany (-24.9%), and Italy (-19.2%).
In the second consecutive month, the largest car markets recorded double-digit declines: Spain at -28.9%, Italy -27.3%, Germany -23.0%, and France -15.0%.
Meanwhile, over the first eight months of this year, sales volumes posted an on-year increase of 11.2%, counting 6.8 million new passenger cars.
Despite the weak performance of the EU markets over the summer months, significant gains earlier in the year kept the cumulative growth in positive territory.