Brexit Britain coup as UK carmarking surges while Eurozone's plummets to all-time low

4 mins read


Car manufacturing globally has been battered since the pandemic by disruption in global supply chains with shortages of key parts such as semiconductors in particular posing a problem for the automotive industry.

Across the EU, 2022 has gotten off to a shaky start with new car sales falling to a historic low, according to statistics from the European Automobile Manufacturers’ Association (ACEA).

Overall new vehicle registrations fell six percent with total volumes coming in at 682,596- even lower than last year’s previous record low.

Out of the four major car markets only Germany saw solid growth with an 8.5 percent uptick in January, while Spain saw a small increase of one percent.

Italy and France meanwhile both saw double-digit loses at -19.7 percent and -18.6 percent respectively.

While Western Europe has struggled the picture is rather different for Central and Eastern Europe with Slovakia seeing a 72.6 percent rise and Romania up 55.5 percent.

Across manufacturers January has proved a difficult month for big European names with Volkswagen Group, Renault Group and Peugeot and Fiat owner Stellantis all seeing declines.

Japanese manufacturers proved the standout with sales in the EU rising for Toyota and Hyundai.

The EU Chips Act aims to double the bloc’s share of the global semiconductor market and reduce reliance on Asia by attracting new investment and increasing manufacturing in Europe.

The impact of supply chain crunches has also been felt heavily in the UK throughout 2021.

Last year saw vehicle production levels slump to their lowest point since 1956 in what the Society of Motor Manufacturers and Traders dubbed “a dismal year”.

Latest data from the group though now suggests green shoots may be emerging.

In January new car registrations rose 27.5 percent year on year, with just under 25 thousand more new vehicles joining the roads than this time last year.

Eurozone in freefall as Brexit Britain storms ahead – new data [ANALYSIS]
Pressure mounts on Bank of England for third rate hike [INSIGHT]
EU financial grab could hit Eurozone ‘hard’ [ANALYSIS]

Even while overall output declined last year, a silver lining proved to be the growth in electric vehicles with the Tesla Model 3 taking its place as Britain’s second best selling car.

January’s data has continued this trend with new registrations of battery electric vehicles up 130.6 percent on 2021.

Figures still remain down from pre-pandemic with the UK showing growth from a low base however Mike Hawes, Chief Executive of the SMMT, said it was “reassuring to see a strengthening market.”

With electric vehicle sales in particular rising the group has this week called for clearer targets from Government on the rollout of charging points which have so far lagged behind.


Leave a Reply

Your email address will not be published.

Latest from Blog