European car market posts strong growth in March

ANKARA

The European passenger car market grew for an eighth consecutive month in March, surging 28.8% year-on-year, an industry group said on Wednesday.

Passenger car registrations in the EU topped a million units (1.087 million) in March, the European Automobile Manufacturers Association (ACEA) said in a statement.

The strong expansion also stemmed from 2022's low base of comparison due to the semiconductor shortage crisis.

All key EU markets posted double-digit hikes last month, with Spain (66.1%) and Italy (40.7%) in the lead, the ACEA said.

Battery electric car registrations in the bloc soared 58% to 151,573 units in March, making up 13.9% of the market.

In the January-March period, new car sales in the EU jumped 17.9% to nearly 2.7 million.

Four key markets recorded gains in the first two months of 2023: Spain (up 44.5%), Italy (26.2%), France (15.2%), and Germany (6.5%).