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21/1/19_Plunge of European car sales in 2020 due to global pandemic

European car sales fell by almost a quarter last year as the pandemic triggered the worst crisis to ever hit the capital-intensive industry.

 

According to new data released on Tuesday by the European Automobile Manufacturers Association, new car registration fell by 23.7% or 3 million vehicles to 9.9 million units. It states that lockdowns and other restrictions “have had an unprecedented impact on car sales across Europe.”

 

All major markets saw double-digit declines, down 32.3% in Spain, 28% in Italy and 25% in France. Germany suffered a less pronounced decline of 19%.

 

December sales were only 3.3% lower than in the previous year, but performance varied significantly between markets. Italy and Spain saw double-digit declines, Germany gained 10%, while Spain stagnated.

 

German Volkswagen’s market share fell by 3%, while PSA Peugeot and Fiat Chrysler – which officially began operations as a new merger on Monday – reported profits as well as Toyota.

 

Chart: New passenger car registrations in the EU

Source: AMEA

Source: apnews.com

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