The latest figures issued by the European Automobile Manufacturers' Association (ACEA) show that European Union (EU) new car registrations recorded in December 2012 totaled 799,407 units, down 13.7 percent compared to November and decreasing by 16.3 percent year on year, continuing a downward trend commenced 15 months ago. The ACEA noted that the decline is the steepest recorded in a month of December since 2008. However, in December 2012 there were on average two working days less in the region compared to the same month in 2011.
In December 2012, the UK was the only major market to post growth with an increase of 3.7 percent, while passenger car demand decreased by 14.6 percent in France, 16.4 percent in Germany, 22.5 percent in Italy and 23 percent in Spain.
Meanwhile, in 2012, new car registrations totaled 12,053,904 units in the EU, with a decrease of 8.2 percent from 2011. The demand for new cars fell to the lowest level recorded since 1995, while the year-on-year contraction was the most significant experienced since the 16.9 percent downturn in 1993. In particular, in 2012 Germany (-2.9 percent), Spain (-13.4 percent), France (-13.9 percent) and Italy (-19.9 percent) all saw their markets contract, while the UK posted significant growth (+5.3 percent).