The rate of new registrations decreased by 18.3% compared to last year's figures.
The European automobile sector struggles in August. New vehicle sales plummet by 18.3% compared to the same period last year, primarily due to weak performances from key markets such as Germany, France, and Italy, as reported by the automakers' association Acea on August 25th. The industry is now urgently asking for aid from the EU, anticipating the implementation of tighter CO2 fleet emission limits starting next year.
As per the same report, electric vehicle (EV) sales took a significant hit, with a shocking 43.9% drop. Last August's tremendous EV sales, fueled by high demand in Germany due to the impending end of EV incentives, have not been replicated since. Consequently, Germany experienced a staggering 68.8% decline in EV sales year-on-year. France followed suit with a 33.1% drop. Throughout the EU, the share of EVs in new registrations hovered at 14.4% in August, compared to 12.1% in July and 12.6% across the first eight months of the year.
However, despite the August slump, the overall car market displays a steady 1.4% growth over the initial eight months of the year, resulting in a total of 7.2 million new registrations. Spain and Italy witness noticeable increases of 4.5% and 3.8%, respectively, while France and Germany show slight decreases of 0.5% and 0.3%.
In the context of the EU's automobile sector struggles, key markets like Germany, France, and Italy experienced significant decreases in new vehicle sales. In the face of tighter CO2 fleet emission limits, the industry is urgently seeking aid from the European Union.
