Virus Lockdowns Send European Car Sales Down 55%

European automobile sales fell by 55 percent last month due to the coronavirus outbreak as lockdown measures went into effect in most nations, the industry's trade association said Friday.

New car registrations -- a proxy for sales -- slumped to 567,308 vehicles last month, compared to over 1.2 million during the same month last year, the European Automobile Manufacturers Association (ACEA) said.

"All 27 EU markets contracted in March, but Italy took the biggest hit, with registrations falling by 85.4 percent to 28,326 new cars," the European Automobile Manufacturers Association said.

France was also particularly hard hit with a 72.2 percent drop, as was Spain where sales tumbled 69.3 percent.

In Germany, where restrictions have been less onerous, sales fell by 37.7 percent.

For the first three months of the year, sales were down by 25.6 percent to 2.48 million vehicles.

All carmakers suffered, but Fiat Chrysler saw the worst drop, at 76.6 percent, as it is heavily dependent upon Fiat's home market of Italy.

VW Group remained the top selling automaker in Europe, and even saw its market share increase to 26.6 percent in the first quarter of the year with just over 660,000 sales.

Copyright AFP. All rights reserved.

RECENT NEWS

Chinas New Megaport In Peru Set To Reshape Trade

The Port of Chancay, a massive Chinese-funded project on Peru’s Pacific coast, is poised to revolutionise trade in Sou... Read more

EU To Demand Tech Transfers From Chinese Firms

The European Union is set to impose stricter conditions on Chinese firms operating in the green technology sector, deman... Read more

NVIDIAs Earnings Surge: Why It Matters

NVIDIA Corporation’s recent financial results for Q3 FY2025 have sent ripples across the semiconductor and AI industri... Read more

Adanis Legal Storm: Bribery Charges Unveiled

Indian billionaire Gautam Adani, chairman of the Adani Group, finds himself at the center of an international storm afte... Read more

AI-Powered Advisors Redefine Wealth

As financial services undergo a significant transformation, the concept of a "Cyborg Wealth Advisor" has emerged as a pi... Read more

Black Friday 2024: Economic Insights Unveiled

Black Friday, occurring on November 29, 2024, remains one of the most significant dates in the retail calendar. Often co... Read more