EU New Car Sales Rebound in October After Gains in Germany, Spain

F

By Mauro Orru

Passenger-car registrations in the European Union edged higher in October, a month marked by solid gains in Germany and Spain that eclipsed declines in the French and Italian car markets.

The European Automobile Manufacturers' Association said new car registrations--a reflection of sales--rose 1.1% on year in the EU last month to 866,397 units, following a 6.1% contraction in September and a steeper 18% decline in August.

The German car market, long regarded as a bellwether in the EU, posted 6% growth in registrations, Acea said, while Spain recorded 7.2% growth. Meanwhile, France and Italy logged declines of 11% and 9.1%, respectively.

Among the large EU car makers, Acea data showed registrations climbed nearly 17% for Volkswagen and 4.7% for BMW in October, though Stellantis saw a 17% decline.

Auto makers have been agonizing for months over a slow electric-vehicle market and fierce competition from local car makers in China, which forced several European auto manufacturers to lower their own profit and sales forecasts for the year.

Ford became the latest car maker to seek deep cost savings after the U.S. auto giant said it would cut 4,000 jobs in Europe by 2027, with sites in Germany and the U.K. the most affected.

Registrations of new battery-electric cars in the EU fell 4.9% between January and October to 1,172,737 units, a decline that Acea said was mainly due to a slump of almost 27% in Germany.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

11-21-24 0014ET