European auto sales drop for 6th straight month

European auto sales drop for 6th straight month

Mubasher: Car sales in Europe have extended their decline for the sixth month in a row, with the exception of slight gains in three major auto markets.

New car registrations in February came in at 1.114 million, dropping 1% year-on-year from 1.125 million, the European Automobile Manufacturers’ Association said on Friday.

Car sales, however, showed a modest rebound in Germany, France and the UK at 2.7%, 2.1% and 1.4%, respectively, the association said. Auto sales plunged 8.8% in Spain and 2.4% in Italy.

Looking at car manufacturers, the number of sold units at Porsche dropped 44%, while luxury brand Audi sales dipped 7%.

Volkswagen Group sales declined 0.7%, despite its namesake brand saw a growth of 3.5%.

France’s auto giants Peugeot and Renault saw their sales increasing, as Italian-US carmaker FCA Group recorded a 5% sales drop.

Between January and February, demand for new cars in Europe dropped by 2.9%.