Wednesday, March 15, 2023

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Car Sales In Europe Below Pre-Pandemic Levels

New vehicle sales in European Union countries increased in the second month as the problems in the supply chain decreased. Despite the increase, however, sales remained below pre-pandemic levels. According to the data released by the European Automobile Manufacturers Association (ACEA), automobile sales in the European Union and the UK increased by 7.9 percent on an annual basis in September, reaching 1.05 million. Sales fell 13 months in a row.

In the EU alone, sales increased by 9.6 percent. Sales of Volkswagen and Mercedes increased by more than 20 percent in September. Despite the rise, sales remained well below pre-pandemic 2019 levels due to the many developments the industry is facing, from chip troubles to the energy crisis. Although the problems in the supply chain have decreased, it is stated that high inflation and worsening economic outlook may also reduce sales.

Economists, who participated in Bloomberg’s survey and expected 0.3 percent growth in 2023 in the Eurozone last month, now expect a 0.1 percent contraction. While a 0.5 percent contraction is expected in Germany, Europe’s largest economy, the economies of France, Italy and Spain are expected to grow.

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