European car sales shift higher in March

Sales of new cars jumped last month in Europe, surpassing the level of one million for the first time since June 2021, according to data from the European Automobile Manufacturers Association published on Wednesday.

New car registrations hit 1,087,939 in March, an increase of 28.8 per cent from the same month last year.

Sales rose in all EU nations, but the jumps were especially remarkable in Italy, where sales growth hit 40.7 per cent, and in Spain where it reached 66.1 per cent.

March 2022 provided a low basis for comparison, however, as car manufacturers were hit by a shortage of semiconductors. The lack of chips has since eased considerably.

Over the first three months of the year a total of 2.7 million sales were posted, a 17.9 per cent increase from the same period last year. Spain posted the largest gain at 44.5 per cent, followed by Italy at 26.2 per cent.

Electric cars accounted for 13.9 per cent of total sales in March.

Hybrids accounted for 24.3 per cent. Plug-in hybrids saw their share drop on an annual comparison to 7.3 per cent, primarily due to an end of subsidies for these types of vehicles in Germany.

Petrol cars saw their share rise marginally to 37.5 per cent, while diesel fell to 14.5 per cent.

Volkswagen remained in pole position among car manufacturers, with the group selling 275,753 vehicles across its various brands.