EU new car sales jump 5.6pc in August

BRUSSELS: The market for new cars remains buoyant in the European Union, with a year-on-year increase in sales of 5.6 per cent in August, industry data showed on Thursday. In a 10-year record, slightly more than 865,000 new vehicles were registered last month, the European Automobile Manufacturers Association (ACEA) said in a statement.

Among major markets, sales rose by 15.8 per cent in Italy, 13 per cent in Spain, 9.4 per cent in France, and by a below-average 3.5 per cent in Germany. Britain bucked the positive trend, with a 6.4 per cent fall.

From January to August, 10.2 million cars were sold, 4.5 per cent more than in the same period of 2016, in a sign that “demand for passenger cars maintained momentum throughout Europe,” ACEA noted.

In the first eight months of the year, Germany’s Volkswagen Group remained market leader, with a 23.6 per cent share of sales. France’s PSA — which owns Peugeot, Citroen and Opel — had 10.6 per cent, and fellow French firm Renault was close behind on 10.4 per cent.

Fiat-Chrysler was the fourth-largest seller, with a 7.1 per cent share, followed by Ford at 6.8 per cent, BMW-Mini at 6.3 per cent, and Daimler — which sells Mercedes and Smart cars — with 6.2 per cent. New car sales are a closely-watched indicator of economic health. In the EU, they fell sharply following the 2008 global financial crash but have risen steadily since September 2013, aside from a few blips. — dpa