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Epic slumps in the car market
The joy didn't last long: After new car registrations rose for the first time this year in September, things went downhill again in October.
Epic slumps in the car market
Minus 7.8 percent to 953,615 vehicles. These are the current statistics for new car registrations in Europe. A bitter setback after the gentle recovery trends in September, when an increase of 3.1 percent was recorded. This was also the first in this difficult year of 2020. And it could also remain the only one, especially since many countries are now in another lockdown due to the Corona crisis.
In October, and therefore actually before most of the lockdowns, there were declines in car sales in all European markets with the exception of Ireland and Romania, although the range varies greatly: In Spain, new car sales fell by a whopping 21 percent, in Germany by a below-average 3.6 percent and in Italy by only 0.2 percent, as the industry association ACEA announced.
Minus 26.8 percent
From January to October inclusive, sales fell by 26.8 percent across the EU. In absolute numbers, this means that around eight million new cars were registered this year, a good 2.9 million fewer than in 2019. These are declines on an unprecedented scale. In Spain and Italy the decline in new registrations amounts to more than 30 percent.
The commercial vehicle market is holding up somewhat better. After a minus of 1.2 percent in October, the EU-wide figure is minus 22.2 percent on a ten-month basis. The biggest declines recently occurred in heavy trucks, while light trucks even saw a slight increase in sales in October.