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European car sales surging in November

The number of new car registrations has soared across the European Union, the industry association ACEA has reported. The surge in sales came on the back of relatively cheap fuel prices and low interest rates.

The European Automobile Manufacturers Association (ACEA) reported Thursday that the EU passenger car market rebounded in November following a slowdown observed in the previous month.

EU-wide new car registrations totaled 1.1 million units, marking a 5.8-percent increase year on year.

ACEA noted that all five big European markets contributed positively to overall growth in November. The strongest surge was recorded in Spain where new registrations were up by 13.5 percent, and Italy, which logged an 8.2-percent increase from the same month a year earlier.

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For the January-November period, passenger car registrations in the bloc rose to 13.5 million units, a 7.1-percent increase compared with the same period last year, with Germany posting rather moderate growth of 4.6 percent year on year.

Looking at individual companies, Renault logged the biggest sales increase for November as its new registrations in the EU increased by almost 17 percent. Rivals Toyota and Volkswagen each booked a 6-percent rise in sales.

ACEA said the European car market kept profiting from low interest rates and relatively cheap fuel as well as from a moderate economic recovery in southern European nations.

hg/jd (dpa, Reuters)

 

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