European ‘green recovery’ falters as car sales continue to tumble

  • Date: 24/11/20
  • Nasdaq News

Passenger car registrations in EU during the ten months ended October 2020 dipped around 27% year over year to 8 million units. This marked the worst decline, outpacing the slump during the 2009 financial crisis. 

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The auto market in Europe is in murky waters. Production and sales of vehicles in Europe had already taken a hit amid economic slowdown, challenges associated with electric vehicle rollout and detrimental effects of the U.S.-Sino trade tiff.

The coronavirus outbreak further compounded the woes. European car registrations fell from January to August 2020 amid the pandemic-led sluggish demand, followed by a surprising one-month reprieve in September. However, the rebound failed to sustain amid another wave of coronavirus. Sales for October regressed as a result of reimposition of restrictions in many countries amid rising coronavirus cases.

Per European Automobile Manufacturers Association, passenger car sales in Europe again slipped into the negative territory in October, reversing the first increase this year in September. Registration of new cars in the European Union (EU) totaled 953,615 units in October, down 7.8% year over year.

Demand of vehicles declined across all the four major markets in Europe last month. While car sales plummeted 21% year over year in Spain, France witnessed a drop of 9.5% in new passenger car registrations. Sales in Germany and Italy slid 3.6% and 0.2%, respectively, on a year-over-year basis. In fact, sales declined across all EU markets expect Romania and Ireland.

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