European vehicle profits endure worst plunge ever in pandemic

Long time exposure photo shows commuters driving towards Frankfurt, Germany, Thursday, Jan. 14, 2021. In background the buildings of the banking district.
Extended time publicity photo exhibits commuters driving to Frankfurt, Germany, Thursday, Jan. 14, 2021. In qualifications the structures of the banking district.Michael Probst/AP

MILAN (AP) — European motor vehicle product sales plunged by approximately a quarter very last calendar year as the pandemic provoked the worst disaster at any time to hit the cash-intense industry.

New car or truck registrations sank by 23.7%, or 3 million automobiles, to 9.9 million units, according to new figures released Tuesday by the European Car Companies Association. It explained lockdowns and other constraints “had an unparalleled effect on auto sales across Europe.”

All significant marketplaces recorded double-digit declines, down 32.3% in Spain, 28% in Italy and 25% in France. Germany experienced a additional contained 19% fall.

December revenue had been just 3.3% reduce than the prior calendar year, but general performance different dramatically among marketplaces. Italy and Spain both equally had double-digit dips, Germany attained 10% while Spain was flat.

Germany’s Volkswagen shed 3% in sector share, when gains were being posted by PSA Peugeot and Fiat Chrysler — which on Monday formally introduced as a new merged entity — as nicely as Toyota.