The number of European car registrations in February fell, data from the European Automobile Manufacturers’ Association (ACEA) showed on Wednesday.
New car registrations were found to have dropped by 20.3 per cent year-on-year reaching 850,170 vehicles in the European Union, Britain, and countries forming part of the European Free Trade Association.
A majority of European markets registered declines, with Spain registering a drop of a significant 38 per cent. In addition, Sales in France and Germany dropped by 21 per cent and 19 per cent respectively, while Italy reported a smaller drop of 12 per cent in February.
Volkswagen and Stellantis both posted a drop in sales by 19 per cent and 22 per cent respectively. Renault reported a drop in sales of 29 per cent.
Luxury automakers were not spared the slump. BMW posted a February sales drop of 13 per cent, while rival Daimler sported a 20 per cent decline.
After a rebound in the world’s largest market, China, helped the industry to recover at a faster pace in 2020, Europe’s carmakers are once again counting on sales in China, which have not reintroduced lockdowns, to boost 2021 sales.
The collapse of SVB was the second-largest banking failure in US history
The proposal would grant consumers rights beyond the legal warranty
The nickel was bought by the bank from the London Metals Exchange