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LMC Automotive European Passenger Car Sales Update (August 2022)
2022/09/08
Table of contents
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Summary
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Commentary
Summary
- The Western Europe selling rate improved to 12.4 mn units/year in August, from 9.5mn units/year in July. However, this uptick should not be overemphasised as August is normally the weakest month for new vehicle registrations in the region. Overall, new registrations for the month stood at 650k units, which despite being disappointing, is still a 3.7% improvement on the performance of August 2021. The year-to-date (YTD) selling rate of 9.9 mn units/year is down 6.7% from the overall 2021 result, which is consistent with a year fraught with ongoing supplyside issues.
- The German PV selling rate for August continued its month-on-month ascent to 2.9 mn units/year from 2.4 mn units/year in July. In the UK, the PV selling rate grew to 2.3 mn units/year, up sharply from July’s performance of 1.6 mn units/year. Similarly in France, the selling rate climbed to 1.9 mn units/year, up from 1.4 mn units/year in July. In accordance with its European counterparts, Spain’s PV selling rate increased to 980k units/year. Finally, in Italy, the selling rate grew to 1.8 mn units/year.
- The full year forecast for 2022 remains at 9.9 mn units which, being largely unchanged from July, signifies that the selling rate is expected to strengthen over the remaining months of the year. However, market activity in the region is sure to be tempered by the supply-side constraints. Meanwhile, demand-side factors remain a concern as living costs are stretched by the continuing rises in inflation and surging energy prices.
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