New Car Sales
EU New Car Sales Drop Amid Virus Restrictions, US Sales Remain Stable
New passenger car registrations in the European Union declined again in November as countries implemented new measures to curb the spread of COVID-19. New-car registrations fell by 14% in November according to the European Automobile Manufacturers Association. Among the major markets, Spain and France recorded sharp declines in registrations of 19% and 27% respectively while Italy and Germany registered drops of 8.3% and 3.0% respectively.
November sales figures would appear to suggest a similar trend for the United States owing to a lower number of selling days November 2020 compared to November 2019. However, industry experts argue this does not accurately reflect the true state of the industry. When adjusting for the fact that November 2020 had three fewer selling days and one less weekend, analysts estimate that sales dropped by only 3.5% compared to a decline of 15% when not adjusting for th