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MoneyGermany Helps Europe Car Market Gain First Time in 9 Months

13:00  18 june  2019
13:00  18 june  2019 Source:   msn.com

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Germany Helps Europe Car Market Gain First Time in 9 Months © Reuters

European car registrations rose for the first time in nine months to gain marginally in May, helped by a jump in deliveries in Germany.

Sales climbed 0.04% to 1.44 million cars compared to a year ago, the European Automobile Manufacturers’ Association said Tuesday. Sales in Germany, the biggest European auto market, surged 9.1% to counteract an ongoing pullback in the UK, where uncertainty over Brexit continues to put off consumers from purchasing new vehicles. Spain also declined.

The gain in Germany came despite gloomy economic data showing an unexpected rise in unemployment in May as well as consumer confidence coming in below predictions.

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European car sales rose for the first time in 19 months , on gains in the U.K. and a rebound in Germany , amid signs that governments may take measures to stem a contraction in the economy of the countries using the euro. Registrations in April increased 1.8 percent to 1.08 million vehicles from

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Germany Helps Europe Car Market Gain First Time in 9 Months

Europe’s biggest auto market benefited from carmakers offering generous trade-in incentives to swap older diesel cars for cleaner, newer models or electric vehicles. Companies like Volkswagen AG and BMW AG are offering as much as 7,500 euros (£6,700) as a number of cities weigh or have put in place bans on older diesel cars.

The country also had two additional trading days compared with a year ago. The UK declined 4.6% while Spain fell 7.3%.

Germany Helps Europe Car Market Gain First Time in 9 Months © Bloomberg Inching Up

Car sales had been in a protracted slump since August, starting with wild gyrations after new emission testing regulations that extended into worsening anxiety over Brexit and slowing economic growth. Softer sales have led to sliding profits as carmakers battle global jitters over US-China trade tensions as well as ongoing unprecedented spending on the shift to electric cars.

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Among major manufacturers, BMW saw strong gains of 8% for the group after also introducing a range of new models. Peugeot-maker PSA Group rose 4.1% in May, while Fiat Chrysler Automobiles NV fell 8.3%.

The reprieve from a nascent turnaround may be short-lived, as carmakers ready for tightening European Union regulation on fleet carbon dioxide emissions starting next year. The industry faces penalties of 33 billion euros, unless more improvements can be achieved, Evercore ISI analyst Arndt Ellinghorst said in a note last month. The new rules will pressure carmakers to sell more electric and plug-in hybrid cars, which for now sell at lower margins than cars with combustion engines.

For the year through May, Europe’s car market declined 2% to 6.94 million cars, according to ACEA.

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