Economy, Europe

EU: Passenger car market shrinks in January-August

Passenger car registrations slip 3.2% year-on-year in first 8 months across 28-member bloc

Tuba Şahin   | 18.09.2019
EU: Passenger car market shrinks in January-August

ANKARA 

The EU passenger car market shrank 3.2% this January-August compared to same period last year, an industry group said on Wednesday.

Automobile registrations across the 28-member bloc stood at 10.5 million in the first eight months of this year, the European Automobile Manufacturers' Association (ACEA) said.

The report highlighted that Germany posted a slight rise of 0.9%, while the other major EU car markets saw demand falling.

The EU is the main automotive export market for Turkey, where top international automakers -- including Ford, Honda, Hyundai, Mercedes, Renault, and Toyota -- are operating.

According to Turkey's Automotive Manufacturers Association (OSD) data, the country's automobile market narrowed 44% to 193,320 in January-August.

The country's automotive exports were also affected by the contraction in the EU market, falling 6% on an annual basis, the head of the OSD said last week.

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