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

Crypto.com's $20bn Moment

Crypto.com has become the latest crypto exchange to attract serious money from a major Wall Street market-maker, with Ci... Read more

Apple Targets OpenAI

Old instincts return in a new AI warHistory has a habit of repeating itself in Silicon Valley. When Android emerged, Ste... Read more

Stripes PayPal Bid Could Reshape Fintech

Stripe’s reported $53bn bid for PayPal is more than a takeover rumour. It is a signal that the payments industry may b... Read more

Vertical Aerospace Needs To Convince The Market

Vertical Aerospace has pulled off an important technical feat, but the harder battle is now financial. Its piloted trans... Read more

Circle Wins Landmark US Banking Licence

Circle Internet Group has finally secured the regulatory prize it has been chasing for more than a year, with the Office... Read more

Meta Glasses; 1st Move Advantage

The Smartest Move in the AR Race Nobody Saw ComingI have a pair of first-generation Ray-Ban Meta smart glasses sitting o... Read more