Photo: ACEA
The last two years have been hectic for the global auto industry, and just as everything started getting back to normal, Russia invaded Ukraine. As the sector readjusts to a new normal with supply chain issues and oil and chip shortages, Europe seems to be bearing the brunt of it all.
New car registration has hit a new low in Europe for the ninth consecutive month in March. According to recent industry data, Supply chain issues further worsened by the war in Ukraine continued to hit the region's auto industry, Reuters reported
The used car market did not get spared either. According to the folks at KPMG, used car prices had increased by 44% by November 2021 on a year-on-year basis. The multinational company says used car prices will only drop if auto manufacturers can solve supply chain issues.
Data from the European Automotive Manufacturers' Association (ACEA) reveal the number of vehicles registered in the European Union, Britain, and the European Free trade Association (EFTA) dropped by 18.8% year-on-year in March.
In 2020, the ACEA announced passenger car registration across the European Union slumped by 23.7% to 9.9 million units.
The chip shortage has caused havoc in the automotive industry, impacting production and, as a result affecting new car sales. New data from the UK's Society of Motor Manufacturers and Traders (SMMT) shows the damage lack of semiconductors has created in the region's auto industry.
All dominant European Union Markets, including Spain, Italy, Germany, and France, reported a dip in car registrations from 17.5% in Germany to about 30.2% in Spain.
In the UK, the number of new car registrations fell by about 14.3% in March, hitting a new low in the month since 1998. The country's close to 243,500 new vehicle registration in March 2022 is the lowest ever recorded in the industry in 24 years. On the brighter side, new all-electric vehicles increased by about 78% to 39,315.
The used car market did not get spared either. According to the folks at KPMG, used car prices had increased by 44% by November 2021 on a year-on-year basis. The multinational company says used car prices will only drop if auto manufacturers can solve supply chain issues.
Data from the European Automotive Manufacturers' Association (ACEA) reveal the number of vehicles registered in the European Union, Britain, and the European Free trade Association (EFTA) dropped by 18.8% year-on-year in March.
In 2020, the ACEA announced passenger car registration across the European Union slumped by 23.7% to 9.9 million units.
The chip shortage has caused havoc in the automotive industry, impacting production and, as a result affecting new car sales. New data from the UK's Society of Motor Manufacturers and Traders (SMMT) shows the damage lack of semiconductors has created in the region's auto industry.
All dominant European Union Markets, including Spain, Italy, Germany, and France, reported a dip in car registrations from 17.5% in Germany to about 30.2% in Spain.
In the UK, the number of new car registrations fell by about 14.3% in March, hitting a new low in the month since 1998. The country's close to 243,500 new vehicle registration in March 2022 is the lowest ever recorded in the industry in 24 years. On the brighter side, new all-electric vehicles increased by about 78% to 39,315.
Google News