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Financial News: Europe Passenger Car Sales Surge In December: ACEA

Europe Passenger Car Sales Surge In December: ACEA

01/16/2020 - 02:22:00 (RTTNews)

(RTTNews) - Europe's passenger car demand increased for the fourth straight month to log the highest December total on record, data from the European Automobile Manufacturers' Association, or ACEA, showed Thursday.

Passenger car sales surge 21.7 percent on year, but this was partially due to low base effect, as registrations decreased 8.4 percent in December 2018. Sales totaled 1.21 million units.

The agency said specific market changes also contributed to the exceptional growth in December.

Car sales surged 27.7 percent on year in France and by 109.3 percent in Sweden as both countries announced significant changes to the bonus-malus component of CO2-based taxation for 2020.

Sales grew 19.5 percent in Germany and by 6.6 percent in Spain. Italy posted 12.5 percent increase. At the same time, UK car registrations grew only 3.4 percent.

In 2019 as whole, new-car registrations increased 1.2 percent across the European Union, reaching more than 15.3 million units, marking the sixth consecutive year of growth.

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