Early Easter causes EU new car sales to drop 5.2% in March, says ACEA [Yahoo! Finance]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: Yahoo! Finance
the first decline this year and the biggest since July 2022, Europe's auto industry body said on Thursday, citing the impact of early Easter holidays and a market downturn. Top European carmakers Volkswagen and Stellantis have said the market will be tough in 2024, as a result of weak global demand for electric vehicles (EVs), increasing Chinese competition, sustained cost pressures and geopolitical tensions. Car registrations fell in March by a yearly 6.2% in Germany, 4.7% in Spain, 3.7% in Italy and 1.5% in France, data by the European Automobile Manufacturers Association (ACEA) showed. Sales of battery electric cars dropped by 11.3% from the previous year, reflecting a broader market downturn, ACEA said, while hybrid-electric vehicle registrations were up by 12.6%, mainly because of strong sales in France and Italy. EVs sales growth has slowed, and investment in capacity and technology development has outrun demand as many prospective buyers are deterred by cost and continu
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