New car registrations in Europe continue to slow in August - ACEA

16 September 2010 11:00  [Source: ICIS news]

LONDON (ICIS)--New registrations for passenger vehicles in the 27-member EU dropped for the fifth consecutive month in August, with a 12.9% fall compared with the same month last year, as the automotive industry continued to deteriorate throughout the summer of 2010, an industry body said on Thursday.

According to data from the European Automobiles Manufacturers’ Association (ACEA), a total of 701,710 new passenger vehicles were registered in August, following an 18.6% year-on-year decrease in July.

August is traditionally a month with lower registration levels, the ACEA noted.

New car registrations began to slow down in April, when there was a 7.4% decline compared with April 2009. This was then followed by a 9.3% drop in May and a 6.9% fall in June, as various government incentive schemes to support fleet renewal ended.

In August, the markets that witnessed the most significant decreases in new car registrations were France (-7.9%), the UK (-17.5%), Italy (-19.3%), Spain (-23.8%) and Germany (-27.0%).

The largest drop was in Bulgaria (-41.8%), while the biggest increase occurred in Portugal (50.2%), the ACEA said.

Over the first eight months of 2010, new car registrations across the EU reached 9,021,703 units, 3.5% less than in the same period of 2009.

A wide variety of chemicals markets depend on demand from the automotive industry, which has suffered badly from the effects of the global economic crisis.

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By: Franco Capaldo
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