Contraction in European passenger car market continues in June

Registrations of new cars in the EU declined for the third consecutive month in June on year-on-year basis regressing by 6.9 percent, with 1,341,092 units registered, according to a report released on July 15 by the European Automobile Manufacturers' Association (ACEA).
 
Meanwhile, in the first half of 2010, new passenger car registrations in the EU slightly improved by 0.2 percent, as compared to the corresponding period of 2009. However, compared with the first six months of 2008, the European new passenger car market contracted by 10.3 percent.
 
In June, Germany (-32.3 percent), Italy (-19.1 percent) and France (-1.3 percent) were the main markets with lower passenger car registrations, whereas the UK (+10.8 percent) and Spain (+25.6 percent) recorded a rise in numbers, leaving the overall result at -6.9 percent. The largest drop in passenger car registirations was recorded in Slovakia (-40.6 percent), while the biggest increase occurred in Ireland (+75.8 percent).
 
In the first half of 2010, 7,285,487 new cars were registered in the EU, or 0.2 percent more than in the same period a year ago. Looking at the main markets, only Germany contracted (-28.7 percent), while Italy (+2.9 percent), France (+5.4 percent), the UK (+19.9 percent) and Spain (+39.5 percent) all posted growth. The steepest fall was recorded in Hungary (-43.8 percent) and the most important increase was seen in Portugal (+57.7 percent).