Car Sales Across Europe Jump by 14% During February
New car sales in Europe were up 14% during February showed industry data on Wednesday, aided by the extra day of selling during the month, which allowed the core brand for Volkswagen to swing to growth despite its scandal with diesel emissions.
However, the increase of 4.4% at Volkswagen was dwarfed by the gains of double-digits at every other major automaker, including mass market VW rivals Ford, Opel/Vauxhall and Peugeot, which surged 19%, 18.7% and 14.2 % respectively, said ACEA the European Auto Industry association.
Car registrations increased to over 1,092.825 million vehicles from last year’s 958.239, showed data from the European Free Trade Association and the European Union. It marked the 30th consecutive month with growth.
Luxury vehicles such as BMW, Mercedes Benz as well as Audi also fared well, as BMW enjoyed 14.7% growth, Mercedes-Benz 22.4% and Audi 17.1%.
Momentum was spread evenly across the EU that represents 28 nations, with the Netherlands and Greece the only two countries that had incurred a decline in sales while data was not available for Malta.
Volkswagen brand represented 24% of the new vehicle registration during February in Europe versus over 25% a year ago.
The Germany-based company has recalled 8.5 million cars with diesel engines across Europe to fix them as they had software that was designed to cheat emission tests.
Sales growth for the brand was just one third that of the industry wide increase during February. Deliveries lagged behind the gains in the market since the scandal became known last September.
The biggest beneficiaries have been Fiat, Ford, Mercedes and BMW, bolstered by SUVs.
Even with this diesel scandal, the German premium brand have performed well said a consultant in London after reading the just released report.
Manufacturers know, he commented, that times are becoming tougher with political and economic risks becoming greater in 2016 than they had been in 2015. Volatility across every market is become higher, he added.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.