AGL 40.20 Decreased By ▼ -1.30 (-3.13%)
AIRLINK 129.11 Increased By ▲ 1.11 (0.87%)
BOP 6.60 Increased By ▲ 0.34 (5.43%)
CNERGY 4.03 Decreased By ▼ -0.10 (-2.42%)
DCL 8.45 Increased By ▲ 0.01 (0.12%)
DFML 41.25 Increased By ▲ 0.56 (1.38%)
DGKC 87.00 Decreased By ▼ -0.90 (-1.02%)
FCCL 33.35 Decreased By ▼ -0.75 (-2.2%)
FFBL 65.90 Decreased By ▼ -0.43 (-0.65%)
FFL 10.54 Decreased By ▼ -0.02 (-0.19%)
HUBC 110.70 Increased By ▲ 2.00 (1.84%)
HUMNL 15.23 Increased By ▲ 0.77 (5.33%)
KEL 4.78 Increased By ▲ 0.13 (2.8%)
KOSM 7.83 Increased By ▲ 0.50 (6.82%)
MLCF 41.90 Decreased By ▼ -0.82 (-1.92%)
NBP 60.50 Decreased By ▼ -0.34 (-0.56%)
OGDC 182.80 Increased By ▲ 3.83 (2.14%)
PAEL 25.36 Decreased By ▼ -0.34 (-1.32%)
PIBTL 6.26 Increased By ▲ 0.20 (3.3%)
PPL 147.81 Increased By ▲ 1.66 (1.14%)
PRL 24.56 Decreased By ▼ -0.35 (-1.41%)
PTC 16.24 Increased By ▲ 0.10 (0.62%)
SEARL 70.50 Increased By ▲ 0.30 (0.43%)
TELE 7.30 Increased By ▲ 0.08 (1.11%)
TOMCL 36.30 Increased By ▲ 0.10 (0.28%)
TPLP 7.85 Increased By ▲ 0.01 (0.13%)
TREET 15.30 Decreased By ▼ -0.29 (-1.86%)
TRG 51.70 Increased By ▲ 1.34 (2.66%)
UNITY 27.35 Increased By ▲ 0.45 (1.67%)
WTL 1.23 Decreased By ▼ -0.01 (-0.81%)
BR100 9,842 Increased By 47.4 (0.48%)
BR30 30,036 Increased By 389.6 (1.31%)
KSE100 92,520 Increased By 499.1 (0.54%)
KSE30 28,786 Increased By 121.7 (0.42%)

PARIS: EU auto sales slumped by 14 percent in the first half of this year, data showed Friday, as supply shortages continued to plague manufacturers.

With the lack of computer chips still hobbling production, new auto sales slumped to 4.6 million in the European Union, data from the European Automobile Manufacturers Association showed.

Sales in Italy tumbled by 22.7 percent, by 16.3 percent in France, 11 percent in Germany and 10.7 percent in Spain.

Sales in non-EU Britain fell by 11.9 percent.

Auto industry likely to shrink over 30% in FY23: company study

Sales also fell by 15.4 percent in June compared to the same month last year, the eleventh consecutive monthly drop.

For the past year the automobile industry has been plagued by a lack of computer chips that control many automotive systems, as chipmakers were unable to keep up with demand as the world economy rebounded from the Covid-19 pandemic.

While the situation with computer chips is improving, European car manufacturers were hit by the Russian invasion of Ukraine as a number of component manufacturers were located there.

Economic uncertainty triggered by the war, the spike in prices it has caused, and rising interest rates may hinder a recovery in sales going forward as consumers cut back on spending on big-ticket items.

Volkswagen retained its place at the top of rankings, but the German group’s market share slipped from 25.8 to 24.1 percent during the first half of the year. Sales fell by 19.4 percent to 1.35 million vehicles.

Stellantis also saw its market share fall, sliding from 21.3 to 19.4 percent as sales by the European-American automaker plunged by 21.1 percent to 1.09 million vehicles.

Hyundai-Kia meanwhile saw its sales jump 12.6 percent to 556,369 vehicles, helping the Korean manufacturer expand its market share from 7.6 to 9.9 percent.

Renault saw its sales slide by seven percent to 522,315 vehicles. But the French group nevertheless saw its market share climb from 8.7 to 9.3 percent.

The only manufacturer to register an increase in sales in Europe in the first half of the year was Honda, but it sold just 37,113 vehicles and held less than one percent market share.

Comments

Comments are closed.