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LMC Automotive European Passenger Car Sales Update (February 2022)
2022/03/08
- Summary
- Commentary
Summary
- The West European selling rate increased only slightly to 10 mn units/year in February, from 9.7 mn units/year in January. Last month’s result reflects the fact that supply constraints faced by the automotive industry remain a significant headwind to sales volumes.
- In Germany, the selling rate improved slightly to 2.7 mn units/year in February, from 2.6 mn units/year previously. The UK PV selling rate increased to 1.9 mn units/year in February from January’s 1.7 mn units/year. For France, the selling rate fell to just below 1.4 mn units/year. In Spain, the selling rate remained at a disappointing level, only improving slightly to 700k units/year. Finally, in Italy, the selling rate dropped to an all‐time February low of just below 1.2mn units/year.
- Our 2022 PV forecast has become more cautious since last month as supply bottlenecks are expected to be exacerbated from Russia’s invasion of Ukraine and the resulting sanctions. The selling rate is still anticipated to improve over the course of 2022 but at a slower rate than we forecast last month. Aside from the supply disruption, downward pressure is building on underlying demand through inflation and confidence.
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