Financial News: Europe Car Registrations Fall 5.2% In March: ACEA

Europe Car Registrations Fall 5.2% In March: ACEA

04/18/2024 - 02:45:00 (RTTNews)

(RTTNews) - New car sales in the EU decreased for the first time in three months in March amid weaker demand among four major markets, especially in Germany and Spain, monthly data from the European Automobile Manufacturers' Association, or ACEA, showed Thursday.

New car registrations dropped 5.2 percent year-over-year to 1.0 million units in March, reversing a 10.1 percent surge in February.

The timing of the Easter holidays negatively impacted last month's sales across most EU markets, the ACEA said.

Among the four major markets, the German market showed the worst decline of 6.2 percent, followed by Spain with a 4.7 percent fall.

Car sales in Italy dropped 3.7 percent over the year, and the French car market faced 1.5 percent lower demand.

In March, battery electric car sales showed a sharp fall of 11.3 percent annually, with the market share shrinking to 13.0 percent from 13.9 percent in March 2023.

Meanwhile, sales of hybrid-electric cars grew 12.6 percent despite the general market decline, accounting for 29 percent of the market share.

The EU petrol car market contracted by 10.2 percent, and its market share dropped to 35.4 percent in March from 37.4 percent a month ago.

The EU diesel car market declined more heavily, by 18.5 percent. Diesel sales showed a substantial decline in the largest markets.

During the first quarter of this year, total car registrations increased by 4.4 percent, reaching nearly 2.8 million units.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

New Zealand Unemployment Data Due On Wednesday (04 min(s), 21 sec(s) ago)
(RTTNews) - New Zealand will on Wednesday release Q1 figures for unemployment, highlighting s busy ...Full Story»

Austria Economy Grows In Q1; April Inflation Lowest Since Sept 2021 (07 hr(s), 29 min(s), 21 sec(s) ago)
(RTTNews) - Austria's economy expanded for the first time in four quarters during the three mo ...Full Story»

Mexico GDP Growth Eases To 1.6% (07 hr(s), 34 min(s), 21 sec(s) ago)
(RTTNews) - The Mexican economy expanded at a slower pace in the first quarter, preliminary data ...Full Story»

U.S. Consumer Confidence Index Drops To Lowest Level Since July 2022 (07 hr(s), 44 min(s), 21 sec(s) ago)
(RTTNews) - A report released by the Conference Board on Tuesday showed consumer confidence in the ...Full Story»

Chicago Business Barometer Unexpectedly Drops To Lowest Level Since November 2022 (07 hr(s), 58 min(s), 21 sec(s) ago)
(RTTNews) - MNI Indicators released a report on Tuesday showing Chicago-area business unexpectedly ...Full Story»

Hungarian Economy Expands 1.1% (08 hr(s), 14 min(s), 21 sec(s) ago)
(RTTNews) - Hungary's economy grew for the first time in more than a year in the three months ...Full Story»

Portugal Economy Expands At Slower Pace; Inflation Eases Slightly (08 hr(s), 45 min(s), 21 sec(s) ago)
(RTTNews) - Portugal's economy expanded at a slower rate in the first quarter, flash data fr ...Full Story»

Eurozone Exits Recession In Q1 (08 hr(s), 58 min(s), 21 sec(s) ago)
(RTTNews) - The euro area economy expanded in the first quarter after two consecutive declines as ...Full Story»