EU car registrations rise 4% Y/Y in August, first 2022 month of surge

Sep. 19, 2022 11:22 AM ETF, TM, RNSDF, VLVLY, VWAGY, STLABy: Manshi Mamtora, CFA5 Comments

Salesman showing car to customer in a car dealership

FG Trade

August saw a rebound in new car registrations of 4.4%, closing the consecutive thirteen-month decline. However, with 650,305 units registered, this result remains far below pre-pandemic levels. Four EU markets saw considerable gains: Italy up 9.9%; Spain up 9.1%; France up 3.8% and Germany up 3.0%. It is the first month of Y/Y surge in sales in 2022.

July had a drop of 10.4% in new car registrations in EU, despite an already low base of comparison caused by the ongoing semiconductor shortage. Eu major markets performed worse compared to last year with Germany and Spain down 12.9% and 12.5% respectively posting the strongest declines.

Looking at YTD numbers, volumes contracted by 11.9% to reach nearly 6M new passenger cars sold. Despite August surge, prior month declines are playing a dominant role. Key markets YTD show decline of 18.4% in Italy; drop of 13.8% in France; drop of 9.8% in Germany and 9.4% fall in Spain.

Market share by fuel type: battery electric 9.9%, hybrid 22.6% and petrol 38.5% in Q2 2022.

Overall, passenger car registrations were down 14.0% first half of 2022; -15.4% in June.

A look at the performance of passenger car manufacturers on YTD basis: Volkswagen (OTCPK:VWAGY) slipped 34% YTD; Stellantis (STLA) fell 31% YTD, and Renault (OTCPK:RNSDF) was down 3.7%. Toyota (TM) down 24%, Ford (F) down 16% Y/Y, Volvo (OTCPK:VLVLY)

Looking at previous monthly reports: 'EU passenger car registrations down 15.4%, lowest month of June on record in terms of volume since 1996'

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