Sep 16, 2022 03:14AM ET
By: AnalysisWatch
New vehicle registrations in Europe returned to growth in August, ending thirteen consecutive months of declines, but remain below pre-pandemic levels as supply constraints weigh on the continent's auto industry.
According to the latest data from the European Automobile Manufacturers Association released Friday, monthly sales of new vehicles in the European Union were up 4.4% from the same period last year, with 650,305 units registered. However, ACEA noted that this result is still well below the figure for August 2019, when 1.04 million registrations were close to 1.04 million.
Europe's four largest markets all contributed positively to the expansion, led in particular by a 9.9% gain in Italy and a 9.1% increase in Spain. In Germany, meanwhile, registrations rose by 3.0% and in France by 3.8%.
In terms of companies, Peugeot owner Stellantis NV and German automotive giant Volkswagen Group were the biggest risers in August, with new car sales up 10.6% and 7.9%. However, these increases were partially offset by a 6.99% drop at France's Renault Group, where sales of the flagship Renault brand fell by almost a quarter.
On the other hand, car sales in July fell by 10.4% to 738,238 units. According to ACEA, this decline occurred despite already depressed baseline comparison figures due to the semiconductor shortage that has hampered the European automotive sector's performance through 2022.
Germany and Spain experienced the largest declines in car registrations in July, falling 12.9% and 12.5% respectively.
Meanwhile, when adding up the first eight months of 2022, overall volumes have contracted by 11.9% year-on-year.