Europe car registrations recorded a dramatic drop as a result of the COVID-19 outbreak, the European Automobile Manufacturers Association, or ACEA, reported Friday.
Passenger car registrations declined 55.1 percent year-on-year to 567,308 units in March.
With containment/lockdown measures taking hold in most markets from around the middle of the month, the vast majority of European dealerships were closed during the second half of March, the ACEA said.
Among 27 EU markets, Italy logged showed the biggest decline of 85.4 percent. Demand collapsed in France, down 72.2 percent. Spain’s car sales declined 69.3 percent and Germany’s sales slid 37.7 percent.
In the first quarter, demand in the EUR fell 25.6 percent from the same period last year. Each of the major EU markets posted significant losses so far in 2020.
The material has been provided by InstaForex Company – www.instaforex.com
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