Extra selling day boosts Western Europe car sales for July, reports LMC
Looking at the Seasonally Adjusted Annual Rate (SAAR), sales stood at 11.5 million units for the most recent month – higher than the 11.2 million units/year in the first quarter – and supports LMC’s view that the situation will slowly pick up over the remainder of the year.
Results for Germany show that sales were up by 2.1% — the year‐to‐date market was down by 6.7%. After a couple of months of contraction, the region's largest market moved back into positive territory, though it remains unlikely that it will reach 3 million units for the full year.
There were positive year‐on‐year comparisons to be made in France and Spain too. In France, the selling rate was once again over 1.8 million units/year.
In Spain, the market was up 15%, though it remains supported by a government backed scrappage scheme that was recently extended for a third time. With the second part of the scheme, PIVE 2, running out much earlier than anticipated, the underlying level of demand clearly remains very weak.
Even though in Italy, car registrations were down once again despite the calendar effect advantage, the year‐on‐year fall was the least severe in nearly two years. However, the selling rate slipped back to 1.2 million units and highlights that the market remains in a tough position.
The Netherlands, which is set to lose significant volume this year, saw some stabilisation last month, though the selling rate remains very weak compared to recent years
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