Corona crisis in the EU: European Union car market collapses in January

Only 726,491 cars were newly registered in the European Union in January. That is 24 percent less than in the same month last year, as reported by the European industry association Acea. In Germany, the Federal Motor Transport Authority reported early in the month that almost a third fewer new cars were registered in the Federal Republic.

The main reason for the break-in is the corona measures in many EU countries. In Germany, there was also the fact that the temporary VAT cut expired at the end of 2020, with which the federal government wanted to stimulate the economy again.

In Spain, new registrations had fallen by a good half, in Italy they fell by 14 percent. The French market proved to be quite robust with a minus of 5.8 percent. According to Acea, France and Sweden (with a plus of 22.5 percent) were the only EU countries that were able to avoid a double-digit percentage decline.

The German car companies Volkswagen, Daimler and BMW All of them posted double-digit declines, with Volkswagen being the hardest hit. Opel from the Franco-Italian Stellantis group (Peugeot, Fiat) came to a minus of 32.4 percent.

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