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EU new car market continues to recover in double digits

Europe / Engineering

The market for new passenger cars in the EU grew in October by 12.2% compared to September; in annual comparison for 10 months of this year, the drop is 8.1%

EU new car market continues to recover in double digits

The European market for new cars in October this year grew by 12.2% compared to September, according to a report by the European Automobile Manufacturers Association (ACEA). Last month, 745,855 vehicles were sold across the bloc, still 290,000 units below pre-pandemic October 2019 levels.

All key EU markets contributed positively to growth last month, with three of four of them recorded ambiguous gains: Germany (+16.8%), Italy (+14.6%) and Spain (+11.7%).

The French market showed a more modest result (+5 .5%.

In the first ten months of 2022, 7.5 million new cars were registered in the EU. Thus, the EU automotive market remains in the negative zone (-8.1%), as the latest improvements were not enough to offset the losses accumulated from January to July of this year.

Among the four largest markets in the region, the largest drop observed in Italy (-13.8%), followed by France (-10.3%), Spain (-5.8%) and Germany (-5.5%).

Leading in The EU market is accounted for by VW Group, which sold 1,889,767 cars from January to October, which is 10.4% less than last year. In second place is STELLANTIS with 1,526,389 cars sold in the EU markets (-15.8%). Also in the top three Renault Group - 788,115 cars (-5.7%).

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