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The Volkswagen Group is still maintaining the lead as Europe’s new passenger car sales dropped by 74 per cent YTD amid coronavirus crisis, according to a new report released, Wednesday, by Learnbonds.com.
Learnbonds is a fast-growing United Kingdom based financial publication with the goal of providing millenial investors with news and advice on all types of financial investments from bonds down to ISAs, cryptocurrency and forex.
Data obtained by Learnbonds.com reveals that Europe’s passenger car sales dropped by about 74 per cent year-to-date between January and April 2020, with the drop recorded in the 27 European member states alongside the United Kingdom, Iceland, Norway, and Switzerland.
Decline from January 2020
According to the data, in April, the units sold stood at 292,180, a drop of 65.75% from March’s 853,080 cars, stressing that, in general, sales have been declining since the start of the year.
The highest car sales from November 2019 were recorded in December with the figure standing at 1,261,740 units and an increase of 4.2% from November’s record of 1,210,860 units.
The new report attributes the drop in car sales mainly to the Coronavirus pandemic that led to travel restrictions and lockdowns within major European countries.
The Learbonds.com research reports further note that: “The drop in car sales might impact some European economies that heavily rely on car manufacturing. For example, Germany’s strong economic position relies on vehicle exports, and car dealerships. As countries worked on their reopening plans the car manufacturing sector was given a priority.
“In Germany, the car manufacturing sector was among the first to be reopened but with strict social distancing and hygiene measures in place.”
With regards to new passenger car registrations by manufacturers based on year-over-year from January to April 2020 compared to a similar period last year, the reports put the average at -39.73% with Mazda having the highest change at -53% followed by Honda at -50.6% while the FCA group had the third-highest change at -48%. Toyota Group, it notes, had the least change at -24.8% BMW Group at -29.6% while Volvo had a change of -31%.
The report says in total, 15 car manufacturers sold 3,240,028 car units in Europe between January and April this year compared to same period last year when the same manufacturers sold a total of 5,328,964 units, representing a percentage change of -39.19%.
It, however, notes that the VW Group still holds the top spot after selling 884,761 compared to last year’s 1,330,045 units while the PSA Group had the second-highest car sales at 492,144 this year, which dropped from 2019’s record of 908,420 units.
