The Magazine for Asian Investors
The Association of European Automobile Manufacturers (ACEA) announced today that new car registrations in Europe fell for the ninth consecutive month in March as supply chain problems intensified and the war between Ukraine and Russia weighed on the European auto industry.
According to ACEA, the number of new cars registered in the EU, the United Kingdom, and the European Free Trade Association (EFTA) fell by 18.8% year on year in March.
The Spanish market recorded the biggest decline in March. Car sales fell by 30.2%, followed by Italy with a drop of 29.7%, while France and Germany recorded declines of 19.5% and 17.5% respectively.
According to ACEA, new vehicle registration figures fell across Europe in the first quarter of this year. And all four major EU markets recorded sales declines in this period.