European car registrations rise 14.4 per cent
Volkswagen & Renault contribute to September recovery
European car registrations rose 14.4 per cent in September as major car manufacturers Renault (RENA) and Volkswagen (VOWG) posted healthy gains.
Newly published industry data from the European Automobile Manufacturers' Association (ACEA) found passenger car registrations rose by 170,000 in the past year to 1.29 million across European Union and European Free Trade Association (EFTA) nations.
The figures may help to allay concern over the long-term future of the European car industry. Increased environmental and regulatory pressure has led to a bleak prognosis for the industry, with a German court ruling approving the ability of individual cities to ban diesel cars completely, and Belgium and the Netherlands following suit. European registrations dropped 8.6 per cent year on year in August.
New registrations in Germany were particularly strong, with a 22.2pc gain. However, the UK only saw a 1.3pc rise. The ACEA said that this was due to Brexit-related uncertainties which “continued to affect consumer confidence”
Figures from Volkswagen and Renault showed large gains. Volkswagen sales rose by 58.2oc compared with Renault’s 30.3pc.
Embattled Japanese manufacturer Nissan, which is struggling to emerge from a number of corruption scandals, posted a seven per cent decline in sales.
Both Volkswagen and Renault shares rose on the news.