VWAPY - European Union new passenger car sales down 6.7% in February

Due to supply-chain issues increased by the war in Ukraine, new passenger car registrations in the EU fell by 6.7% to 719,465 units in February 2022, followed by 6% decline in January. The four major EU markets reported mixed results: Italy -22.6%, France -13.0% while Spain grew 6.6% and Germany +3.2%. On YTD basis, new cars sales in the European Union declined by 6.4%. “European auto demand was already tepid before Russia’s invasion of Ukraine led to production halts and components shortages that will further delay a recovery of European auto sales in 2022,” Bloomberg Intelligence analysts led by Michael Dean said in a note. As Ukraine is a key source of wire harnesses that power automotive electrical systems, plant shutdowns in the country could lower European car production by as many as 700,000 vehicles in the first half, Colin Langan, an analyst at Wells Fargo & Co., said in a report this week. Volkswagen

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European Union new passenger car sales down 6.7% in February