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User Guide

LMC Automotive European Passenger Car Sales Update (March 2023)

2023/04/07

Summary
Commentary

Summary

The Western Europe PV selling rate slipped back to 10.9 mn units/year in March, from 11.7 mn units/year in February. However, the overall registration figure comfortably outstripped that of February, at 1.3 mn units, in what is a seasonally strong month. In year-on-year (YoY) terms, the market was up 26%.
The German PV selling rate for March 2023 decreased to 2.7 mn units/year from 2.9 mn units/year in February. For the UK, the PV selling rate also fell from 2.5 mn units/year to 1.4 mn units/year in March, though strong seasonality, in combination with supply constraints, were at play. The French PV selling rate rose slightly to 1.7 mn units/year in March from 1.6 mn units/year. Similarly, for Italy, the PV selling rate grew moderately to 1.5 mn units/year for the past month from 1.4 mn units/year in February. The PV selling rate for Spain also strengthened to 910k units/year in March from 870k units/year in February.
Each of the top five Western European countries experienced strong YoY growth in registration volumes. This was driven by 2022 being a weak base of comparison, along with some easing of supply side challenges, aiding the pace of vehicle registrations. Although these countries are still operating below prepandemic standards, a further easing in supply constraints is expected over the course of this year, supporting registrations. Downside risks remain, with countries experiencing recessionary conditions that will be impacting underlying demand — this has been exacerbated recently by jitters in the financial markets. However, order backlogs will continue to provide a cushion to the weakening demand situation.

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