9,484.26 TRY BIST 100 BIST 100
37.93 USD USD USD
5.23 CNY CNY CNY
41.82 EUR EUR EUR
0.12 CNY CNY/EUR CNY/EUR
45.20 TRY Interest Interest
69.56 USD Fossil Oil Fossil Oil
31.51 USD Silver Silver
4.76 USD Copper Copper
102.77 USD Iron Ore Iron Ore
356.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,797.04 TRY Gold (gr) Gold (gr)

Car sales decline in Europe

Car sales declined in Europe in January. Despite the increase in electric vehicle sales, the decline in gasoline and diesel vehicle sales had a negative impact on overall car sales.

Car sales decline in Europe

According to data from the European Automobile Manufacturers' Association (ACEA), new car sales decreased by 2.1% compared to the same period last year. In January, total car sales in the European Union (EU), Britain and the European Free Trade Area (EFTA) fell below 1 million, the lowest level since August. Volkswagen and Renault saw sales rise by 5.3% and 5.4% respectively, while Stellantis suffered a 16% decrease. EU-wide car sales decreased by 2.6%, while battery electric vehicle (BEV) sales and and hybrid electric vehicle (HEV) sales increased by respectively 34%  and 18.4%. Sales of plug-in hybrid (PHEV) cars decreased by 8.5%. The share of electric vehicles (BEV, HEV and PHEV) in total passenger car registrations reached 57.2%, compared to 47.4% last year. On a country-by-country basis, car sales increased by 5.3% in Spain, but decreased by 6.2% in France, 5.8% in Italy, 2.8% in Germany and 2.5% in the UK.

EU Administration's Plans

The EU administration will announce its new plans for the automotive sector on March 5 after talks with carmakers, trade unions and industry representatives.

Due to competitive pressure and US tariffs, carmakers are asking the EU Commission for exemption from penalties that may arise from CO2 emission targets. European companies, especially those struggling to compete with Chinese carmakers, are trying to cut costs and are raising the prices of gasoline models to encourage the adoption of electric vehicles. However, this raises concerns that this could lead consumers to reduce their car purchases.

Groups in the electric transport sector, on the other hand, argue that the relaxation of emission targets will hamper investments in electric vehicle infrastructure and weaken Europe's competitiveness.

The Trump Effect

In addition to competition from China, European carmakers are also preparing for the threat of import tariffs from US President Donald Trump. Trump has raised tariffs on aluminum and steel products and announced a 25% tariff on all automobiles and semiconductors, in addition to imports from Mexico and Canada.

While this creates new uncertainties for European automakers in the global market, players in the sector expect stronger support from the EU administration.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

China to impose a 34% tariff on the US!

Friday, April 4, 2025

American Iron and Steel Institute Praises Trump

Friday, April 4, 2025

Poor quality steel alert in Thailand: Federation of Thai Industries calls for stricter inspections

Friday, April 4, 2025

ArcelorMittal South Africa closure delayed by six months

Friday, April 4, 2025

EUROMETAL discusses critical steel sector issues with European Commission

Friday, April 4, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now