Brussels – European passenger car market suffered 'a significant setback' in the months of July and August, according to the latest figures published by the European Automobile Manufacturers’ Association (ACEA).
After four months of accelerated growth, new car registrations in the EU dropped 23.3% year-on-year to 823,949 units in July.
The EU’s four major markets all posted strong losses with France witnessing the steepest decrease at 35.3%. Spain, Germany and Italy also posted double-digit declines of 28.9%, 24.9% and 19.2% respectively.
During the month of August, car registrations across the European Union decreased by 19.1% year-on-year to reach 622,993 units.
For the second month in a row, all major car markets posted double-digit decreases, led by Spain at 28.9%, and followed by Italy, Germany and France at 27.3%, 23.0% and 15.0% respectively.
Over the first eight months of 2021, sales volumes saw a year-on-year increase of 11.2%, at 6.8 million new passenger cars in total.
Despite the weak performance of EU markets during the summer months, substantial gains earlier in the year kept cumulative growth in positive territory.
Overall, compared to a year ago, year-to-date figures in all major markets remain positive with Italy posting a 30.9% growth, followed by France, Spain and Germany at 12.8%, 12.1% and 2.5%.