Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Europe's car recovery persists as volume, luxury brands gain

Published 18/11/2014, 10:22
Europe's car recovery persists as volume, luxury brands gain
GM
-
STLAM
-
MBGn
-
PEUP
-
RENA
-
BMWG
-
VOWG_p
-

BERLIN (Reuters) - European new car sales rose 6.2 percent in October from year-ago levels as volume and premium leaders including the Volkswagen and BMW groups recorded stronger demand in key markets.

Passenger-car registrations in the European Union (EU) and the countries of the European Free Trade Area (EFTA) increased to 1.113 million vehicles last month, from 1.047 million a year earlier, the Association of European Carmakers (ACEA) said on Tuesday.

Demand picked up in all major countries except France and rose in seven of the region's top-10 markets, according to ACEA.

Europe's auto market has grown for 14 straight months after a six-year slump but remains well short of its peak before the financial crisis.

Still, the 6.5 percent gain in the 28-nation EU was the second-highest percentage increase in a month of October in that region in the past eight years, the data showed.

Germany, Europe's biggest single market and home of VW, BMW and Daimler was up 3.7 percent to 275,320 while second-placed UK jumped 14.2 percent to 179,714.

By contrast, No. 3 market France slipped 3.8 percent, a reflection of near-stagnant growth in the euro zone's second-biggest economy.

Year-to-date deliveries in the EU plus EFTA region rose 5.9 percent to 11.02 million vehicles from 10.41 million in the year-earlier period, ACEA data showed.

VW, Europe's biggest automaker, and PSA Peugeot Citroen rose 6.9 percent and 1.1 percent respectively while luxury nameplates BMW and Daimler were up 9.4 percent and 2.2 percent.

© Reuters. File photo of world's first eight costumers of new BMW i8 plug-in hybrid sports car

The only major group to post lower sales in October was General Motors, grappling with a 5.1 percent drop as the withdrawal of the Chevrolet brand from Europe outweighed a 12 percent gain by the Opel nameplate.

(Reporting by Andreas Cremer; Editing by Jonathan Gould)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.