EU new car registrations record worst June in 26 years
Passenger car registrations continued their downward trend in the European Union in June, according to fresh data on Friday, as supply chain issues continue to limit vehicle output.
According to the European Automobile Manufacturers’ Association (ACEA), registrations fell 15.4% to 886,510 units, making for the lowest June on record in volume terms since 1996.
All four major EU markets contributed to the fall, with Germany posting the strongest decline at -18.1%, followed by Italy at -15.0% and France at -14.2%.
Spain, on the other hand, saw a more modest decline at -7.8%.
Over the first half, the ACEA said new car registrations in the EU shrank 14% year-on-year, totalling around 4.6 million units.
All of the region’s major markets recorded double-digit drops in the six month period, with Italy at -22.7%, France at -16.3%, Germany at -11.0%, and Spain at -10.7%.
“With disposable income under pressure from climbing energy and food costs as well as the prospect for higher borrowing costs, it is hard to see a near term bounce back in the sentiment,” said SP Angel analyst John Meyer.
Reporting by Josh White at Sharecast.com.