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Financial News: Europe Car Sales Set To Log Record Fall

Europe Car Sales Set To Log Record Fall In 2020: ACEA

06/23/2020 - 07:47:00 (RTTNews)

(RTTNews) - Europe passenger car registrations are forecast to log its biggest fall on record this year due to the major economic crisis posed by the coronavirus pandemic.

The European Automobile Manufacturers' Association, or ACEA, on Tuesday said, car sales will tumble around 25 percent in 2020.

Car sales for the year are seen at around 9.6 million units versus 12.8 million in 2019.

According to ACEA, the EU market contracted 41.5 percent so far this year. This situation is expected to ease to a certain extent in the months ahead as lockdown and containment measures are lifted throughout the region.

In terms of volume, the forecast for 2020 represents the lowest number of new cars sold since 2013, when the industry had come through six consecutive years of decline in the aftermath of the 2008-2009 financial crisis, the association said.

"Given the unprecedented collapse in sales to date, purchase incentives and scrappage schemes are urgently required right across the EU to create much-needed demand for new cars," ACEA Director General, Eric-Mark Huitema, said.

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