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.
