The European Automobile Manufacturers’ Association reported a 6.6% dip in European Union’s automobile sales last April, while a whopping 19.8% shrink on the UK leads the massive decline. According to ACEA, four out of five major European Markets suffered a slowdown in its car sales last month while Spain wanders out of the trend with an increase of 1.1% sales increase.
ACEA released a report showing that April’s car sales for the EU were at 1,194,034, marginally lower from a year-on-year period at 1,273,733. The recession on car sales is mostly due to the downhill demand for Volkswagen cars. While European Free Trade Association reported that 1.23 million cars were registered last April in the EU.
April; the First Month to Drop Auto Sales
Car registration and sales were marginally low last month, sketching the first loss this year on auto sales after transfiguring months prior; according to ACEA, it was seating on a 4-month increase of 4.5% before the decline at 5.49 million cars. One stench reports are leaning on is Easter falling on April which shrouded the month with gloomy predicaments compared to the same time last year.
Analysts are saying that the decrease is signaling a spiraling European car market; in comparison to US car sales, EU is looking more positive with its 4-month increase before dropping sales were reported recently. US car sales were down by 4.7% to 1.44 million units according to Autodata.
More Auto Data
Volkswagen who leads the race on auto sales dropped 14% in April after having miraculous past months; Renault, on the other hand, declined a total of 3.3% on the same month. More statistics showed that Vauxhall and Opel, combined, lost 13.1 percent of their sales last month. Germany lost a total of 8% on its auto sales last month, followed by France with a decline of 6.0%, and Italy’s auto sales dipping by 4.6%.
According to Pantheon Macroeconomics “A grim start to Q2 for the European car sector… Growth mainly was pegged back by weakness in the major economies. This is the first year-over-year fall in EU 27 car registrations since 2013, which corroborates our story that consumers’ spending will lose momentum this year as inflation eats into real wages. A 6.6% decline, however, is not representative of the underlying trend. These data are volatile even in year-over-year guise, and we expect a rebound next month.”
Fiat Chrysler, Volkswagen
Fiat Chrysler ousted Ford out of its place as fourth-largest seller last month, both of the auto companies took 7.2% of the total shares, trailing behind them was Opel Group who managed to garner 6.4%, then BMW Mini with 6.3%, and lastly, Daimler who also sells Mercedes and Smart cars with a flat 6% share on the market.
The unbeatable automobile king is Germany’s Volkswagen Group; it stood its ground entering this year with a consistent performance from the past January to April. The automaker accumulated 23% of the total sales, while PSA and Renault, both of which were France-based were respectively second and third placed. PSA took 10.1% of the total sales while Renault had 9.9% share of the whole market.
On the bright side, automakers are doing a great job throughout the year, with 5.33 million autos sold over the last 4 months. Major EU countries such as Italy is currently sitting at an 8% increase in auto sales this year, while Spain garnered 6.1%, Germany with 2.5%, a flat 2% for France, and Britain sitting under 1.1% increase respectively.
for your round-the-clock market update! We provide you with the latest news surrounding Forex, commodities, automobile, consumer, financial, economy, and technology. Never miss any news beat! Subscribe now!