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LMC Automotive European Passenger Car Sales Update (May 2023)
2023/06/12
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Summary
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Commentary
Summary
- The Western Europe PV selling rate improved to 11.4 mn units/year in May, up from 10.7 mn units/year in April. Total registrations for the latest month topped 1.0 mn units for just the second time this year, representing growth of 18.9% YoY, although still down 23% from the pre-pandemic 2019 result.
- Germany and Italy both enjoyed solid performances in May with YoY growth in raw monthly registrations of 19.2% and 23.1% respectively. All markets across the region have experienced strong YoY growth, admittedly compared to a weak base.
- Aside from Spain, the top five West European markets recognized double-digit YoY growth in their registration figures for May. These encouraging performances support the annual 2023 forecast of 11 mn registrations across the region, representing nearly 9% growth YoY. This is as supply constraints continue to ease, and production levels improve accordingly.
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