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Financial News: Europe Car Registrations Recover In August

Europe Car Registrations Recover In August

09/16/2022 - 03:02:00 (RTTNews)

(RTTNews) - Europe's new car sales returned to growth in August, ending thirteen consecutive months of decline, the European Automobile Manufacturers' Association, or ACEA, reported Friday.

Passenger car sales grew 4.4 percent in August from the last year, reversing a 10.4 percent drop in July. Sales totaled 650,305 units in August, but remained far below pre-pandemic levels.

All the key EU markets positively contributed to the region's growth in August. Sales in Italy climbed 9.9 percent and that in Spain gained 9.1 percent. France and Germany registered growth of 3.8 percent and 3.0 percent, respectively.

During January to August period, overall sales volume shrank 11.9 percent to reach nearly 6 million units. Despite the recent improvement, earlier declines weighed negatively on the cumulative performance.

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