In October 2022, new passenger car registrations continued their upward trend (+12.2%) in the European Union, with 745,855 units sold, the European Automobile Manufacturers Association (ACEA) said in a statement.
In October 2022, new passenger car registrations continued their upward trend (+12.2%) in the European Union, with 745,855 units sold. However, this result remained nearly 290,000 units below the October 2019 pre-pandemic levels. All the region’s key markets positively contributed to last month’s growth, with three out of four of them recording double-digit gains: Germany (+16.8%), Italy (+14.6%) and Spain (+11.7%). The French market saw a more modest, but still solid, performance (+5.5%).
Ten months into 2022, EU new car registrations remained in negative territory (-8.1%), as recent improvements were not enough to offset losses cumulated from January to July this year. Among the region’s four largest markets, Italy saw the sharpest decline (-13.8%), followed by France (-10.3%), Spain (-5.8%) and Germany (-5.5%).
About the EU automobile industry
13 million Europeans work in the auto industry (directly and indirectly), accounting for 7% of all EU jobs.
11.5% of EU manufacturing jobs – some 3.4 million – are in the automotive sector.
Motor vehicles are responsible for €374.6 billion of tax revenue for governments across key European markets.
The automobile industry generates a trade surplus of €79.5 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.
