The European auto market on steady growth

#hashtags: #Europe #European Automobile Manufacturers #ACEA

October was the 26th consecutive month of auto sales increase in Europe, according to the European Automobile Manufacturers’ Association. The European auto market is on a solid path of sales growth, as car registrations reached to 1.14 million units last month, a 2.7 percent increase, according to the European Automobile Manufacturers’ Association. However, the gain was not at the same level as September, when the market was boosted by 9,8 percent. According to ACEA, October was the 26th consecutive month of upward trend in sale for the automotive market. The Association collects sales data from 27 of the 28 European Union countries as well as Switzerland, Norway and Iceland. The highest jump in deliveries was recorded by Daimler AG, with a healthy gain of 21 percent, upsurge that was driven by the tripling of demand for the Smart city-brand. Also, among the top automakers in Europe by percentage increase in sales was BMW AG, with a 13 percent rise, as well as Fiat Chrysler Automobiles NV which sold 7,7 percent more cars, even though its Jeep brand collapsed by 70 percent. Four of Europe’s five biggest car markets grew last month, with increases of 1.1 percent in Germany, 1 percent in France, 8.6 percent in Italy and 5.2 percent in Spain. The second biggest market in the region, the UK, experienced a 1.1 drop in sales. Volkswagen’s European sales accounted for 25.2 percent of new-car registration in October, compared with 26.1 percent in the same period of 2014, and its 10-month market share narrowed down with 0.4 percentage point to 25 percent. In October, the Group’s sales dropped by 1,5 percent, as Volkswagen Passenger Cars brand lost 1,1 percent last month. Via Bloomberg