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Financial News: European Car Sales Continue Sharp Decline In May

European Car Sales Continue Sharp Decline In May

06/17/2020 - 04:22:00 (RTTNews)

(RTTNews) - Europe's car registrations continued to fall sharply in May, though at a softer rate, as the coronavirus, or Covid-19, pandemic hurt demand and production, the European Automobile Manufacturers Association, or ACEA, reported on Wednesday.

Passenger car sales declined 52.3 percent year-on-year in May, following a 76.3 percent fall in April. In March, sales fell 55.1 percent.

Though the Covid-19 lockdown measures were eased in many countries, the number of cars sold across the European Union declined in May, the agency said.

Double-digit declines were logged in 27 EU markets.

Among the four major markets, demand in Spain declined the most by, down 72.7 percent. Car sales in France declined 50.3 percent. Demand in Italy and Germany decreased by 49.6 percent and 49.5 percent, respectively.

During the January to May period, demand for new cars in the European Union dropped by 41.5 percent.

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