LMC Automotive European Passenger Car Sales Update (October 2021)
2021/11/08
- Summary
- Commentary
Summary
- The West European selling rate dropped to 9.0 mn units/year in October, from 9.7 mn units/year in September. The latest monthly results reflect the major supply issues, predominantly semiconductor shortages, that are currently hindering global vehicle production. Adding to market headwinds, vehicles that are being prioritised in production are higher‐priced, higher-margin products.
- The German PV selling rate dropped to 2.1 mn units/year in October, from an already poor 2.3 mn units/year witnessed in the previous month. Like Germany, France suffered a decrease in the selling rate following a poor September, falling to 1.4 mn units/year. For Italy, the selling rate slipped slightly to 1.2 mn units/year, while the selling rate in Spain dropped to 772k units/year, from 920k units/year the previous month. The UK PV selling rate increased in October, to 1.6 mn units/year compared to 1.2 mn units/year the month prior, though this was partly due to a delay in registrations from the normally seasonally strong September.
- The latest data makes it increasingly likely that sales in Western Europe will not eclipse the anemic 2020 result. Although we expect some market growth in 2022, supply issues will continue to act as significant drag on industry volumes. Further downside risks include increasing pandemic‐related restrictions and concerns over the strength of economic recovery.
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