17.Jun .2022 14:30

EU car sales 13.7% down

EU car sales 13.7% down
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In May 2022, European Union passenger car registrations slipped back by 11.2% to 791,546 units, marking the tenth consecutive month of decline.

All four key EU markets recorded double-digit losses. Italy saw the steepest decline (-15.1%), followed by Spain (‑10.9%), Germany (-10.2%) and France (-10.1%), reads the recent data of the European Automobile Manufacturers’ Association (ACEA). 

From January to May 2022, total registrations of new passenger cars in the EU were 13.7% lower compared to the same period last year.

Five months into 2022, sales of new cars have retreated in most markets in the region, including the four major ones: Italy (-24.3%), France (-16.9%), Spain (-11.5%) and Germany (-9.3%).

Data on EU automobile industry:

12.7 million Europeans work in the auto industry (directly and indirectly), accounting for 6.6% of all EU jobs.

11.5% of EU manufacturing jobs – some 3.5 million – are in the automotive sector.

Motor vehicles are responsible for €398.4 billion of tax revenue for governments across key European markets.

The automobile industry generates a trade surplus of €76.3 billion for the EU.

The turnover generated by the auto industry represents more than 8% of the EU’s GDP.

Investing €58.8 billion in R&D annually, the automotive sector is Europe’s largest private contributor to innovation, accounting for 32% of total EU spending.